China’s Suning Holdings will open an office in Milan within the next two months, to be followed by offices in the UK, France and Germany by the end of the year.
In its latest sourcing plan, the firm has set aside RMB10 billion (US$1.5 billion) to source products on the Continent over the next three years.
Suning announced the move during Milan Design Week, where it has been exploring deals with overseas designers to help it create products for its new Suning Jiwu (“ultimate creation”) stores. It aims to introduce stylish, high-quality home and fashion products from Europe into China.
The new format features popular brands, original designs, life essentials and creative interactions. The first store, covering 400sqm, opened in Nanjing last month, with more than 300 set to open throughout China within the next three years, including at least 50 large-scale flagship stores.
Suning International VP Steven Zhang says Jiwu caters for a “personalised consumption culture”.
Already the company has partnerships with Italian brands across different industries including Furla, San Benedetto, TechnoGym and Versace Home. Its new sourcing plan in Europe highlights luxury fashion, health, household and FMCG products. Representatives of Chateau D’Ax, Cova, Kartell, Kiko, Versace and YNAP were among the guests at its opening event at Milan Design Week.
Suning already has an established network covering Hong Kong, Japan and the US. The group expects 30 per cent of its revenue will come from international business by 2020.