Sergio Rossi, the Italian luxury footwear and accessories brand, has announced that it will buy out five boutiques from its franchisee business in China in September 2011, including Beijing, Shanghai, Ningbo and Shenzhen.
The purchase will enable the brand to carry out directly its overall development strategies in China and the Asia Pacific region.
“Acquiring our Chinese franchisee business allows us to accelerate our presence in Asia Pacific as a major luxury footwear specialist with a unique Italian craft,” said Christopher Mélard Sergio Rossi president and chief executive.
“To fulfill local demand, we will continue to strive for maximum performance in the existing stores and expand new locations not only in first tier cities, but also in second and third tier cities. With a primary focus on China, Hong Kong and Singapore we will further reinforce the brand in this exciting growing region.”
By the end of 2014, Sergio Rossi aims to double the number of key doors capitalizing on opening of flagship stores in Beijing, Shanghai and Hong Kong.
Sergio Rossi was established in 2006 as a franchisee operation in Beijing. In the past five years, the brand has rapidly grown to a portfolio of 11 locations in China. Five of these stores will now join the Sergio Rossi network of directly operated stores.