Hyosung continues global expansion at Intertextile Shanghai 2018
[THE INVESTOR] Korean textile and chemical giant Hyosung Group took part in this year’s Intertextile Shanghai, one of the world’s largest textile conferences to date.
Cho Hyun-joon, chairman of the group, met with global partners such as Anta, a leading Chinese sportswear company, and fast-fashion apparel brand Yishion at the conference held on Sept. 27-29.
Hyosung Chairman Cho Hyun-joon (center) at Intertextile Shanghai 2018.
“The best way to understand and analyze the fast-changing market trends and customer needs is listen to their voice,” said Cho on the sidelines of the forum. “To maintain our globally dominant position, we plan to put our best efforts into improving our technology and quality, while continuing to focus on effective and efficient marketing activities.”
Cho, who became chairman in January 2017, has reiterated that he plans to continue expanding Hyosung’s global footprint.
Earlier this year, Cho announced plans to build a spandex manufacturing facility in India by 2019. He also discussed ways to cooperate on new business opportunities with the Vietnamese prime minister.
In March this year, Hyosung said in a regulatory filing that it has acquired the entire stake in Hyosung Vina Chemicals, its Vietnamese corporation, for 194.2 billion won (US$174.7 million).
One of Hyosung’s main growth strategies has been to target customers worldwide. For instance, with an apparel industry worth 1.79 trillion yuan (US$260 billion) as of end-2016, China is an important market into which the company made a foray 20 years ago.
Hyosung TNC, its textile and trading arm and also the world’s No.1 spandex producer, said earlier this month that it has added smart factory solutions to its overseas facilities in both China and Vietnam for more efficient manufacturing. The solutions allow the company to collect data and control the entire manufacturing process.
By Park Ga-young (email@example.com)