Desigual ups its bet on Asia and restructures in Singapore
The Spanish fashion company is continuing its international expansion strategy with the opening of a new store in the city-state of Singapore. This new store is the latest addition to the network of five stores and the several department store corners with which the brand owned by Thomas Meyer already operates in the region.
Located in the "prime location" of the Ion Orchard shopping center, the new store features an enhanced shopping experience "so that consumers can enjoy Desigual from a new perspective," as stated by the brand.
Over the course of this fiscal year, the company has redesigned its strategy for Asian markets. In Singapore, the brand plans to reopen its Raffles City store in early 2023 and has already renovated its Vivo City store where the company has been operating for more than 16 years. Like its new boutique, this space features Desigual's new art gallery concept.
"With this store opening, we now have a presence in the most important shopping areas with our new brand image," said Balazs Krizsanyik, head of the Barcelona-based brand in Asia.
The Asian market's potential
"We try to adapt to the specific characteristics of each market, without losing the essence of what Desigual stands for. In addition, we believe that Singapore continues to be a point of reference and benchmark within the region and provides us with a significant opportunity for expansion over the next few years," he added.
For his part, the company's global commercial director, Oriol Martínez, said that Desigual's future plans "include accelerating international expansion to implement its new brand image and paying special attention to Asian markets". According to him, the region has always played "a very important role" in Desigual's international business and currently "has great potential for growth".
Desigual's arrival in the Asian market did not take place until 2008, when the colorful brand opened its first store in Singapore. Today, the Barcelona-based company already has around 190 points of sale in Japan, its fifth largest market in terms of turnover, China, Hong Kong, Macau, South Korea, Australia, the Philippines, Malaysia, Indonesia and Taiwan through its own stores, the online channel and multi-brand stores.
In the Chinese market, where the company recently signed a joint venture with its local partner E-Shine, Desigual plans to launch up to 60 stores and accelerate its online sales.
Founded in 1984, Desigual currently has more than 2,600 employees and is present in 109 countries through 10 sales channels, 393 mono-brand stores and six product categories. In 2021, the company raised its turnover by 3.4% to 371 million euros.
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