Xtep takes on Taiwan
Chinese fashion sportswear company Xtep, known for its own Xtep brand, has confirmed it will set up its first overseas branch in Taiwan.
A senior executive of the company reveald that Xtep was approved on 27 December 2010 by the Taiwan Security Exchange (TAIEX) to float Taiwan depositary receipts (TDR), with the issuance to begin in March 2011 and raise $100 million on the island.
Besides floating TDR in Taiwan to tap the local market, Xtep opened its first store in downtown Taipei in 2010, and plans to open 10 to 15 more around the island this year, and as many as 300 in the future if the company is successful in Taiwan.
With 7,000 self-owned and franchised stores in China and plans to increase the number by 800-1,000 this year, Xtep’s sales outlets average $67,900 in monthly turnover.
To promote its own brand, Xtep recently acquired the rights to sponsor marathons to be held in eight cities in China during 2011.
