Park Sung-kyung, vice president of the group, said E-Land plans to make inroads into China's food service and leisure industries. As part of the plan, E-Land opened its first family restaurant “Ashley” on Dec. 12. It will establish about 200 Ashley restaurants and 1,000 Cafe Lugo stores across China.
In a meeting with reporters at the Westin Hotel in Shanghai, Park said: “For a country like China which has very developed food culture, the restaurant industry is a larger potential market than fashion.”
Leisure will also be E-Land's new business item in China. The group plans to create a chain of 10 hotels and establish business partnerships with Chinese travel agencies.
The vice president said E-Land will advance into western inland areas and small cities in China.
Park said E-Land has set the goal of generating 10 trillion won ($9.29 billion) in sales; attaining an operating profit rate of more than 20 percent; and having 100,000 employees in China by 2016.
The group plans to post sales of 7 trillion won in its fashion business alone by 2016. It is expected to generate 2 trillion won in sales in the fashion sector this year.
Josephine Liu
Aju Business Daily intern
reporter
Park Sae-jin
swatchsjp@ajunews.com
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