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Zhejiang silk firm plans to bring innovation in its silk production

Zhejiang silk firm plans to bring innovation in its silk production Source:
Date: 12-02-2014
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High Fashion Silk (Zhejiang) Co., Ltd., a subsidiary of High Fashion Group, specializes in producing traditional silk woven & knitting fabrics in different specifications is working out plans to bring speedy innovation in the silk production. It aims to improve its technology level and innovative skills, using its 38 patents and advanced equipment from Italy, Germany, France, Switzerland and Japan.
The company is already the largest top-grade silk fabric production base in China and have more advantages in the new products development, new materials and new technology applications.
The company was officially appointed as the only National Silk Product Development Base by China National Textile Development Center.
According to Lin Ping, chairman and chief executive officer, their company focus is to produce higher value-added, finished silk products using Chinese or popular element of style and become a cultural and creative company, based on supportive policies and their own advantages.
The main brands, designers and retailers the company cooperates with are Uniqlo Co Ltd, Calvin Klein Inc, Diane von Furstenberg and Macy's Inc.
Its business with these customers has traditionally been based on silk material, so its profit ratio was low.
Revenue was essentially flat last year at 1 billion yuan ($164 million). Net profit was more than 30 million yuan.
Its production in the past three years totaled 2 billion yuan, with $80 million in exports. The company has an annual production capacity of 10 million meters of woven silk, 1,000 metric tons of silk knitting fabrics, 3 million pieces of home textiles and 3 million silk neckties.
As a step toward innovation, High Fashion Silk has developed a new tourism business, with a national 4A level tourist attraction, consisting of a time-honored mulberry garden, a silk culture museum and a shopping mall for silk products.
To deepen its cooperation with Uniqlo, a new factory will be set up in Kyoto, Japan, soon.
Besides High Fashion Group, the parent company of High Fashion Silk, other leading silk companies in China include Hangzhou-based Wensli Group, Zhejiang Jiaxin Silk Co Ltd and Jiangsu Xinmin Textile Science and Technology Co Ltd.
Shanghai-based CharColn Consulting said that the value of Chinese silk products accounts for less than 0.5 percent of the nation's entire textile industry, but these are high-value products with a strong cultural aspect.
According to data from the General Administration of Customs, Chinese genuine silk products exports in 2013 totaled $3.5 billion, up 3 percent, while imports in the sector rose 3.5 percent to $260 million
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