After testing the market with online sales, Bimba y Lola jumped into the physical space in China with a temporary storefront at the end of September. The ‘pop-up’ located in Shanghai, the financial capital and the usual gateway of the Asian giant, It was part of the deal that the chain founded by the Domínguez brothers signed with Grupo ImagineX at the end of 2021. to open thirty businesses in five years. Bimba y Lola was powered by a main distributor of fashion brands across the continent and a subsidiary of luxury goods operator Lane Crawford Joyce Group, with “multi-channel coverage ideal for conveying the character of our brand in its territory.”
“We are really excited for the adventure”, said then-president Uxia Dominguez. The chairman of Grupo ImagineX also applauded the “enormous potential” offered by the company. joint venture The joint venture with the Galician firm is “very exciting and full of personality” and with “avant-garde design” that perfectly suits the appetites of Generation Z and Chinese millennials for the segment. prize economic.
The chain increased its investments by 28% and closed the year 2022 with 286 stores.
The zero covid policy has prolonged the pandemic nightmare over the past year for many Western companies, which have had to face the ups and downs of the Chinese economy and its growing commitment to promoting the consumption of local produce. Bimba y Lola wondered if he would continue with the plans that were planned there. Its CEO pointed out the possible change of direction a few months ago.
“We are excited about our projects that will continue to grow and create jobs in 2023, with the opening of our first stores in the United States and possibly China,” said José Manuel Martínez in March. In the last financial year, it reached 286 stores, a turnover of 225 million euros and increased its investment by 28%. Finally landing “postponed”, according to sources from Bimba y Lola to Faro. Given the evolution of the market, China is no longer the top priority on the company’s internationalization roadmap focused on expansion in the North American country.
The group recently opened stores in Puerto Rico.is located at The Mall of San Juan in the island’s capital. It presents itself as “a multidisciplinary group of people who spread the arts and culture through fashion”; and establishment in Miami, also in a large commercial area (Dadeland Mall). The next two outlets in the US market will be in Florida and Texas.
Like the rest of the major Spanish clothing and accessory chains, Bimba y Lola reinforces its interest in going big in the United States, a country where there is a lot of competition in the market. retail and until now, for that very reason, the companies on the other side of the pond had looked sideways. It has already become the second source of income for Inditex, which plans to undertake about thirty projects in the coming months; It’s the same establishments that Mango plans to add in the country with a €100m expansion plan.
Source: Informacion
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