American fashion brand Ralph Lauren Group is reportedly planning its expansion in China, and it expects to open 60 stores in the country over the next three years.
According to its plan, the company will launch 15 stores in cities like Beijing, Shanghai, and Hong Kong before 2013.
Ralph Lauren, American fashion designer and business executive best known for his Polo Ralph Lauren clothing brand, told local media the company believes China is a focus for their long-term development. Over the next few years, they will fully enter the Chinese market, open more stores, and improve their market share and brand awareness in this marketplace.
Due to the economic effect in Europe, Ralph Lauren Group currently holds a conservative attitude towards their sales in the European market; however, they hope the Chinese market can make up their sales reduction in Europe. The group's financial statistics showed that during its fourth fiscal quarter ended March 31, 2012, the brand's net profit was USD94.4 million, and its net gain increased by 13.7% to USD1.43 billion.