Italian luxury fashion brand Antonia has signed a franchise agreement with Canudilo Group for Chinese market expansion.
According to Lin Yongfei, chairman of China's Canudilo Group, Canudilo Group plans to open five Antonia stores in China before 2020. The first store will be reportedly located in the new Shoppes at Parisian in Macau. With an area of 3,000 square meters, this new store is expected to open in April 2016.
Canudilo Group currently has about 300 Canudilo-branded stores in China. Meanwhile, the group is engaged in operating international luxury brands. It opened about 100 stores in total for brands like Salvatore Ferragamo, Emporio Armani, Bally, Max Mara, Givenchy, Rimowa, and Tumi.
Canudilo Group's financial report for 2014 showed that due to economic growth slowdown and traditional department store business decline in China, Canudilo's operating revenue decreased by 12.4% year-on-year to CNY699.9 million; while its net profit decreased by 90% to CNY14.924 million.