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Chairman Hyun Joon Cho of Hyosung targets China's KRW 300 trillion clothing market Oct.01, 2018

Chairman Hyun Joon Cho of Hyosung targets Chinas KRW 300 trillion clothing market 



Chairman Hyun Joon Cho of Hyosung Group has announced his intention to continue expanding the global effort to consolidate Hyosung′s status as the ″No. 1 company″ in the world′s textile market. 
Chairman Cho participated in the ′Intertextile Shanghai 2018′, the world′s largest exhibition of apparel and fabrics held in the Shanghai National Center for Exhibition and Convention Center, for three days from September 27 together with twenty-one global client companies. Chairman Cho announced that he would consolidate Hyosung′s status as the No. 1 company in the global textile market by targeting China′s KRW 300 million clothes market, which is currently growing at an annual average rate of more than 5%. 

■ Chairman Cho communicated directly with the No. 1 Chinese brand in inner wear, sportswear and casual clothes to check the market trend.
Following on from last year, Chairman Hyun Joon Cho checked the latest trends in the textile market by meeting with customers who visited the exhibition. At the beginning of this year, Chairman Cho visited Vietnam and India and disclosed his plan to establish global production bases and expand Hyosung′s business. In Shanghai, he publicized Hyosung′s status as the leading company in China, which is the world′s largest textile market.
Chairman Cho also met with the top management of Maniform, Anta and Yishion, which are the No. 1 and No. 2 brands in the markets for inner wear, sportswear and casual clothes in China, emphasizing that win-win growth with customers is the most important value.
Chairman Cho said, ″We need to listen to the voice of the customers in the field in order to analyze the rapidly changing market trends and to grasp exactly what customers want. We will concentrate all our capabilities - including technological development, quality innovation and customized marketing activities – on consolidating our status as the global No. 1 company.″ 
The Chinese clothes market was worth about 1 trillion 797 billion yuan as of the end of 2016 (approximately KRW 300 trillion) and continues to grow at an annual average rate in excess of 5%.

■ Joint participation with 21 client companies to lead the Chinese market following Vietnam and India
Chairman Cho participated in the exhibition together with twenty-one global client companies including Ya Tai, a Chinese textile company, and Hưng Yên, a Vietnamese fabric dyeing company, to support the business affairs of Hyosung′s client companies. Chairman Cho hosted a dinner party for clients on September 28 to promote exchanges among textile companies worldwide.
In February of this year, Chairman Cho met with Vietnam′s Prime Minister Nguyen Xuan Phuc to discuss ways of expanding business and cooperation. After that, he met with India′s Prime Minister Narendra Modi and announced the plan to build a spandex factory in India. In August, Chairman Cho met with Yuan Jia Jin, the governor of Zhejiang Province, China, to seek win-win growth. His participation in the ′Intertextile Shanghai 2018′ exhibition is a part of Hyosung′s active global efforts to occupy the global market as early as possible.

■ 2018 exhibition focused on three themes: multipurpose, environmental-friendliness, and future trends
Hyosung TNC set up its exhibition booth with the focus on three themes, reflecting the market trend with the concept of ′A Better Life Ahead′ and avoiding the conventional format of product introductions.
Under the first theme of ′Purpose Full′, the athleisure look developed with the functional fabric of Hyosung TNC, which can be worn for various purposes while playing sports and in daily life, was introduced at the booth. 
The second theme, ′Sustainability′, was chosen to reflect the values of environmental protection by using environmentally-friendly products. The booth exhibited clothes made with MIPAN Regen, a recycled yarn made from PET bottles, along with a product made with an environmentally-friendly fabric jointly developed with the client company Sunhing in Hong Kong using the functional fabric of ′Creora®Eco-soft′. 
Under the last theme of ′Fashion Forward′, the booth exhibited a fabric showing the spring and summer trends of 2020, produced in collaboration with Nelly Rodi, a world-class trend consulting company based in France, for the establishment of the company image leading the global market one step ahead. In particular, the skinny jeans produced with creora® Fit², which is elastic in all directions, attracted considerable interest at the exhibition.
Hyosung TNC established a system for manufacturing Spandex with its own technology in 1998 based on the management philosophy that ″technological competitiveness is the success DNA.″ Since then, Hyosung TNC has produced a variety of functional products based on continuous technological development, becoming the No. 1 company in the global Spandex market in 2010 as a result of its active customer-oriented marketing efforts.
Hyosung TNC is expanding its business through more than 100 global production and sales networks in 30 countries. Furthermore, in a drive to enhance its manufacturing competitiveness, in September the company completed the introduction of a smart factory system to its Spandex factories in Quzhou, Jiaxing, and Guangdong in China, as well as those in Vietnam, by executing data collection and analysis and control management in all sectors of manufacturing.

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