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HANGZHOU, DEC 25 (CEIS): China's top textile manufacturer Youngor is to join hands with its Japanese and Italian counterparts Itochu and Marzotto in developing the international high-end market, according to the president of the Shanghai-listed group.
The three leading garment makers and exporters in the world signed an agreement recently in east China's port city Ningbo, pledging all-round cooperation in technology, financing, marketing and human resources.
China's textile manufacturers lag behind their international competitors in making high-grade products.
In early 2003, the Youngor Group took the lead in the nation in cooperating with Japan's Itochu, the world's No 1 textile dealer, and introduced the most advanced technology and equipments into its Ningbo-based new subsidiary.
With a joint investment of 40 million US dollars, the new filial, which covers an area of 60,000 square metres, produces high-quality materials and garments, making the group stand out as a dark horse in the international arena.
Corporate statistics show that this year the group's export volume of Western suits and shirts has soared up by 120 per cent and 70 per cent respectively while that of textile materials jumped by 500 per cent over last year, hitting a new high.
As a major step to expand business worldwide, Itochu, the world's pacemaker in the fibre industry, started cooperation with Youngor years ago, said a senior manager of the Japanese company.
Dating back 200 years, the Italy-based Marzotto, which owns Valentino and Hugo Boss, is the biggest textile material supplier in Europe.
"We have conducted a two-year market research project in China," said Stefano Sassi, CEO of the company, who paid a special trip here attending the signing ceremony. "In the beginning, we planned to hold or establish a company on the Chinese mainland, but finally decided to work with Youngor and Itochu to extend our market share in the world," said the CEO.
The Italian company vows to provide the sino-Japanese company with its unique technology and craftsmanship.
According to the newly signed agreement, equipment and experts from the company will soon arrive at the Youngor Industrial Park located in Ningbo.
"The three companies have a working staff totaling 60,000 and sell 24 billion US dollars worth of goods every year," said Li Rucheng, president of the Youngor Corp.
"Our business will expand to cover more than 150 countries and regions in the future, making us the biggest textile and garment manufacturing and exporting alliance in the world," said the president.
Amid growing signs of protectionism after temporary quotas were introduced this year in the EU and United States to limit Chinese textile exports, the country's textile manufacturers have to find a way to minimize the impact of the trade barriers.
"We are comparatively weak, yet we can possibly solve the problem through cooperation with first-class foreign companies," said Li.
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