Shangtex Holding Co., Ltd, a Chinese textile and fashion conglomerate has partnered with the Danish fashion company Metropol by acquiring a 50% stake of Metropol.
Shangtex is a leading player in the Chinese fashion industry with own brands, designing, manufacturing and retailing. Metropol is an ambitious Scandinavian fashion and interior company consisting of five major brands, with 1,500 shops across the world.
The partnership will focus on the exchange of design skills and market access. Metropol will assist Shangtex with the introduction of collections on the European and American market, and Shangtex will help Metropol’s successful retail concept ‘NORR’ to access the Chinese market.
The acquisition of Metropol becomes Shangtex’s first presence in Europe and is part of an ambitious internationalisation strategy.
- "When we have chosen a Danish company, it is due to the strong Danish design tradition. And we think that Denmark with its strategic location will be a good bridge to the entire European market," said Zhu Yong, president of Shangtex Holding Co. to the Danish business paper Børsen.
Danish design is renowned worldwide for its ability to combine aesthetics, functionality and high quality. Nick Hækkerup, Danish Minister for Trade and European Affairs welcomes Shangtex to Denmark:
- “Denmark has a leading creative sector which today represents more than 10% of the total Danish export of goods. With China expected to become the largest fashion market in the world in the coming years, the collaboration between the Chinese textile conglomerate, Shangtex, and the Danish fashion company, Metropol, is a very good example of the potential of Sino-Danish cooperation,” says Minister Nick Hækkerup.
According to the Danish trade organization Danish Fashion & Textile, the Chinese interest for Danish design and Danish brands has been significant the last years. Invest in Denmark has assisted Shangtex and Metropol in the process of finding the right partner company, and the ambition is to facilitate more joint ventures of this kind in the coming years – also within other sectors than design.