Hong Kong retailer The Swank plans expansion in mainland
Hong Kong-based luxury retailer The Swank plans to speed up its expansion in the mainland's tier-II and tier-III cities to cash in on the booming luxury market.
Swank general manager Tony Lam told China Daily that in 2012, the company will open its first stores in Xi'an and Hangzhou.
"And in the next five years, we will open at least five stores in the mainland," Lam said.
The ENM Group owned luxury multi-brand fashion house operates four boutiques in Hong Kong and one in Beijing, China.
Swank also operates nine monobrand boutiques including Brioni, Brunello Cucinelli, Just Cavalli, Paule Ka, Roberto Cavalli and Sonia Rykiel.
China has seen luxury spending boom over the past years. The country's luxury sales in 2010 reached nearly CNY220bn ($34.94bn), according to the US market consultancy Frost & Sullivan.
Lam said sales at the retailer's Beijing store have grown at an annual rate of 25% since its opening in 2009 and the firm expects the same growth for the future mainland stores.