China has found a new trade partner in the form of the British Fashion Council. The new China Partnership Strategy recently confirmed an improved partnership with the British fashion sector. This new partnership will bring together partners and investors covering several sectors including licensing, investment, communications, property, manufacturing, and retail. These Chinese sectors are expected to lend support to various British fashion designers.
The latest initiative was launched in Shanghai by the British Fashion Council's ambassadorial president David Beckham along with BFC chair Stephanie Phair and BFC chief executive Caroline Rush.
The recent event has put together £500,000 worth of deals. Among these deals include the co-sponsorship of BFC-GQ Designer Men's Wear Fund by JD.com and Ruyi, a Chinese textile and clothing company. The event also showed support for the British Department of International Trade.
Apart from the business deals made during the event, the British Fashion Council said that it will continue to find facets of innovation along with its partner, VIP.com and Fung Retailing Group.
During the event, Mr. Beckham said that among his priorities is to promote the British fashion industry in China, an important market that poses a lot of untapped potentials not only in fashion but in other industry as well.
As the core of the recently established China Partnership Program is the mission to make the Chinese market easier for British designer industry to access. The group pointed out three particular areas on which they will pin the most focus on. These areas are: putting up partnerships that will handle fashion weeks in order to stimulate demand; creating a sustainable network of local influencers, investors, retailers, creative, and media partners, and notable individuals that can be tapped as partners with British designer sector; and the need to supply the demand using retail partners both in China and the United Kingdom.
Ms. Phair said that China has always been a market for British designs and emerging businesses. She also highlighted that the local Chinese fashion has developed a taste for British fashion. Many observers said that this growing appetite can be traced back to China's decision to slowly open up its market to the international business.
Among the key partners that attended the event were JD International Fashion President Xia Ding, Trinity Group President and Executive Director Paul David Haouzi, Yoox Net-A-Porter General Manager for China Claire Chung, Tsang Group Chairman Patrick Tsang, and China Farfetch Managing Director Judy Liu.
