Giordano to open more stores in RI

Giordano to open more stores in RI

HONG KONG (AFP): Hong Kong high-street clothing retailer Giordano International Ltd. is to open more chain stores in Australia and Indonesia as part of its expansion plans, a report said Tuesday.

Terry Ng, Giordano executive director, told the Hong Kong Economic Journal the company has opened four stores in Melbourne, with business revenues meeting internal targets, and there are plans to launch between 15 to 18 more shops this year.

However, the expansion in Australia was slower than originally planned due to problems in finding suitable shop space for rent and the company was considering buying another chain store to use their premises, Ng said.

In Indonesia, Giordano plans to add 12 more shops this year from the original three shops in Jakarta, Ng said.

He said the company had managed to enter the Indonesian market late last year amid the Asian financial crisis and after the May 1998 riots in Jakarta.

The company is also planning to enter the Indian market, and move into Japan in the next three years, Ng said.

But in the short-term Giordano had no plans to move into the U.S. and European markets where it would face keen competition, although such an expansion remained a long-term goal.

Ng said he will go to Europe this month for discussions with several parties interested in cooperating with Giordano.

Since 1987, Giordano has expanded overseas and now runs chain stores in 25 countries.

The clothing retailer was founded by Hong Kong tycoon Jimmy Lai, who sold his stake in Giordano and now runs the Chinese- language Apple Daily newspaper and the weekly Next Magazine.