Hong Kong-listed luxury watch retailer Xinyu Hengdeli has announced plans to open at least 30 new stores in Greater China in 2010.
According to Zhang Yuping, the chairman of Xinyu Hengdeli, the company has achieved its goal of opening 20 new stores in Greater China in 2009 and the company currently has 250 retail outlets in this market.
He said that due to the increase of consumer confidence, sales from its individual stores in the second-tier Chinese cities increased by double-digits in October 2009.
With regard to the Taiwanese market, Zhang revealed the company will invest more resources in the future to improve its retail network in Taiwan, especially in tourism cities on the island.
Prior to this, Hengdeli renewed its strategic alliance with LVMH Watch & Jewellery Shanghai Commercial Limited to continue to distribute the latter's watch brands of TAG Heuer and Zenith in mainland China.