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Zhejiang silk firm weaves plan for growth

Zhejiang silk firm weaves plan for growth Source: www.chinatexnet.com
Date: 15-02-2014
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High Fashion Silk (Zhejiang) Co Ltd, a leading global woven silk and knitting fabric producer, plans to transform itself from a traditional manufacturer into a more creative enterprise producing higher value-added items, its chairman said.
 
"Our focus is to make the transformation and become a cultural and creative company, based on supportive policies and our own advantages," Lin Ping, chairman and chief executive officer, said.
 
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.
 
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.
 
In January, Premier Li Keqiang chaired a State Council executive meeting and made plans to promote the development of the cultural and creative services sectors.
 
Measures include strengthening intellectual property protection, encouraging private capital to set up design and creative centers, perfecting supporting policies and improving financial services.
 
High Fashion Silk aims to improve its technology level and innovative skills, using its 38 patents and advanced equipment from Italy, Germany, France, Switzerland and Japan. The facility is the only National Silk Product Development Base approved by the China National Textile Development Center.
 
Lin added that the company will focus on making high-quality, finished silk products, using Chinese or popular elements of style.
 
The company has also 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.
 
China's exports of genuine silk products in 2013 totaled $3.5 billion, up 3 percent, while imports in the sector rose 3.5 percent to $260 million, according to data from the General Administration of Customs.
 
Shanghai-based CharColn Consulting said 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.
 
China is the cradle of cultivated silk, and silkworms were being bred as long ago as 6,000 years.
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