Liu Chuanzhi, president of Legend Holdings, just appeared at a fashion show held in The Pavilion Shenzhen and signed a contract with Shenzhen Longhao International Investment Group, which marks Legend Holdings' entry into the investment market of Guangdong.
Through signing contract with Longhao, Hony Capital, a company founded by Legend Holdings, plans to invest RMB200 million to become a shareholder of Longhao Company. The funds will be mainly used for brand development and store expansion.
Longhao Company is a famous operator of many international sports and leisure brands. According to Liu Yiqiu, executive director of Longhao Company, the company now owns more than 500 specialty stores of brands such as Nike, Skap and Timberland.
From 2008, Longhao Company will expand its stores around China with an annual increase speed of 50% to 60% and its focus will shift from first-tier cities to second, third and even fourth tier cities.
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