Women'Secret, the underwear chain brand of Spain's Cortefiel Group, has announced plans to cooperate with South Korea's The Basic House to develop the Chinese market.
The two parties plan to open over 300 chain stores and specialty counters in China over the next five years.
Prior to this, Cortefiel Group signed an agreement with China's ScarVic in March 2012, aiming to develop 800 Springfield and Piedro del Hierro chain stores in China.
By cooperating with its South Korean partner, Women'Secret opened its first specialty store in 2000. The brand entered the Chinese market in 2004 and has opened 150 specialty stores in the local markets. The Basic House owns over 1,500 specialty stores and counters around the world, covering South Korea, China, Russia, Saudi Arabia, and Kuwait. Apart from owned brands, The Basic House is also the agent of D'Urban in South Korea.
This agreement between Cortefiel and The Basic House is reportedly a part of the Spanish group's international plan. Cortefiel operates several brands in more than 60 countries and regions around the world. Its medium-term development goal is to raise its sales in international market to be over half of its total revenue.