Eyewear group Marcolin opens Shanghai subsidiary
Italian eyewear producer Marcolin has added a new subsidiary to the 13 it already operates worldwide, in Europe (Benelux, the DACH area, France, Italy, Scandinavia, Spain, and the UK), Russia, the Americas (the USA and Brazil), Asia (Hong Kong and Singapore) and Australia (Sydney). The Veneto-based group, in order to strengthen its presence on the Chinese market, where it has been active for seven years via a joint venture with a local company, the Ginko Group, has announced the opening of a new subsidiary in Shanghai.
“China will surely be one of the few major countries whose economy will grow in the near future. We are delighted that our group has decided to invest in this country, opening our own subsidiary even during such as delicate period,” said Kevin Cheung, head of Marcolin APAC. “We are looking at 2021 and the years ahead with confidence. The new subsidiary will cover all of mainland China, working in conjunction with our other Asia-Pacific subsidiaries: Hong Kong, Singapore and Sydney.”
The new subsidiary’s offices are located at Plaza 66, in the Jing'an District, a prestigious shopping and financial district in central Shanghai, and is part of [Marcolin’s] broader strategy of company consolidation and direct presence in key markets worldwide. It will be home to all of the group’s corporate functions and departments, such as HR, finance, design, sales, customer service, marketing and supply chain management.
Through its activities, the new headquarters will help boost Marcolin's organic growth on the Chinese market by developing products specifically for China, also by means of collaborations with the group's largest clients in the country.
In the 2020 financial year, Marcolin generated a revenue of €340 million, compared to €486.7 million in 2019. In Q1 2021, the group recorded sales worth €108.7 million, up from the €93.5 million recorded in the first three months of 2020. Adjusted net income was €2.6 million, compared to €5.2 million in the previous year.
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