Fashion
One of America’s most iconic fashion retailers is coming to China.
A new joint venture agreement between Macy’s Inc. and Hong Kong-based Fung Retailing Limited was signed on Tuesday in Hangzhou to form Macy’s China Limited.
The new company will launch an exclusive online flagship store on Alibaba’s Tmall Global in late 2015., providing authentic, high-quality Macy’s merchandise to shoppers in China. It will be the first US department store to join Alibaba’s Tmall Global.
Tmall Global, on the other hand, will be the first and only third-party e-commerce platform in China providing apparel, fashion accessories and home products directly from Macy’s to consumers across China.
“Millions of Chinese tourists have come to know and love Macy’s when they travel to New York, San Francisco, Chicago and other American destinations,” said Terry J. Lundgren, chairman and chief executive officer of Macy’s Inc. “By making Macy’s accessible in China through Alibaba’s Tmall Global, we have an opportunity to deepen our relationship with international customers and to grow sales.”
Fung Retailing’s chairman, Dr. Victor K. Fung, said that with its affiliates, including LF Logistics, the company will fully support the activities of the Macy’s-Fung Retailing joint venture.
