Hi-Tec Sports PLC signed a new Licensing agreement with Fujian Taiya Shoes Material Co. Ltd to cover China. The agreement is a 30 year arrangement, covering Hi-Tecs Outdoor, Athletic and Court categories. Taiya Shoes will in addition develop an apparel range for the Chinese market.
Martin Binnendijk, Hi-Tecs Group CEO commented: “It is well known that in the next period of global economic development China is going to be at the forefront. I am therefore delighted that Hi-Tec has found such a strong partner to develop our brand in this most exciting and rapidly evolving marketplace”
Mr Songbo Lin, General Manager of Taiya added “the demand for branded products of truly international quality is rapidly increasing in China, prompted by the fast growth of the economy. Hi-Tec China is positioned to provide Chinese consumers with what they need the most: innovative products with style, quality and true value. Chinese consumers would certainly enjoy our products”
Taiya Shoes are based in Jinjiang, near Xiamen and have their production and development facilities there. Shortly they will be opening a sales and marketing office for Hi-Tec in Beijing and a concept store will follow. The first products will be launched to the market for the Spring 2007 season.
Taiya have extensive manufacturing and retail experience. They have successfully operated a local brand in the Chinese market and now are expanding their portfolio to include an international brand. They aim to have 200 Hi-Tec stores operating within 3 years, with a further 300 to follow within 5 years. The initial sales target is 100m RMB within 5 years.
