American fashion brand Calvin Klein has announced plans to open 60 new chain stores in Asia in 2010, mainly targeting its expansion in the Chinese market.
According to reports from Singapore's Channel News Asia, Calvin Klein's current revenues from the Asian areas account for 15% of its income worldwide.
Tom Murry, the president of Calvin Klein, said that the company saw the Asian region growing about 10% in 2009 and China was the biggest growth area. By the end of January 2010, which was also the end of the company's fiscal year, Calvin Klein's growth rate in the Chinese market had reached about 30%.
China is expected to contribute about 70% of Calvin Klein's growth in Asia in 2010. The marketplace currently accounts for about USD1 billion of Calvin Klein's overall global sales of USD6 billion and the proportion continues to grow.
Calvin Klein plans to open about 60 new independent stores in Asia, adding to over 300 existing specialty stores in the region.