Bimba y Lola enters China, where it plans to open 30 stores in 5 years
Spanish label Bimba y Lola is keen to make a mark on the Chinese market. The apparel and accessories label has entered the country through a joint-venture company set up with Imaginex Group, a subsidiary of Lane Crawford Joyce that specialises in developing the presence of high-end brands on the Chinese market.
Bimba y Lola will soon launch in China by opening a store on the Tmall marketplace, and by creating a mini-programme on WeChat, the most popular instant messaging service in the country.
The Spanish label will combine a strong digital presence with the opening of a number of brick-and-mortar stores, the ideal way to showcase its products and establish a reputation with local consumers in the course of 2022. Bimba y Lola will then work to expand its retail network, and has set itself the goal of opening 30 stores in 15 major Chinese cities within five years.
Bimba y Lola was founded in 2005 and, since its inception, it has placed a great deal of emphasis on overseas markets. It is already present in some 20 countries through its commercial network, and in 43 countries through its e-shop.
Setting up a joint-venture company with Imaginex will also allow the label to open offices in Shanghai, as Bimba y Lola indicated in a press release.
“Imaginex is the ideal partner for Bimba y Lola in a market of great strategic importance, but one which has specificities and complexities. [Imaginex] operates a multi-channel organisation in China, the ideal structure to convey our brand’s character in all regions,” said Uxía Domínguez, co-founder of Bimba y Lola with her sister María.
The Imaginex Group specialises in the distribution and management of high-end fashion and designer brands in China. It operates 448 stores in 48 Chinese cities for 25 global labels, and its portfolio includes names like Salvatore Ferragamo, Canada Goose and Ba&sh.
With this new initiative, Bimba y Lola continues to execute its international expansion strategy. It has recently created a subsidiary in Russia and opened its first stores in Poland and the Netherlands.
Sales outside Spain are essential for Bimba y Lola: in the 2020 financial year, they accounted for 32% of its €164.8 million revenue, while e-tail accounted for a 34% share. In H1 2021, online sales accounted for 23% of the total, but Bimba y Lola did not provide any further details.
Copyright © 2022 FashionNetwork.com All rights reserved.