K-bird to set up three new wholly-owned subsidiary companies

The Chinese sports brand K-bird announced on Jan 26 that the company would set up three new wholly-owned subsidiaries in Shanghai and Xiamen, Fujian Province, with a total investment of RMB 90m. 

In Xiamen, K-bird will invest RMB 50m to establish one new wholly-owned subsidiary company. This company will be responsible for the wholesale and selling of K-bird branded products. 

Meanwhile, K-bird plans to find two subsidiaries in Shanghai and invest RMB 20m in each of them. Reportedly, the two new companies will take charge of operating the two brands, the tennis equipment brand PRINCE and the basketball and clothing brand AND1, whose rights to operation in certain regions were acquired by K-bird. 

K-bird’s statement also explained the reason why the company is determined to locate the two subsidiaries for operating the brands, PRINCE and AND1, in Shanghai. 

Shanghai is one of four directly-controlled municipalities in China and a major global financial center in the world. K-bird believes that the city will enable the company to recruit top professionals in brand operations and help keep pace with the global trend in designing. 

Under these advantages, K-bird hopes that it can make the brands, PRINCE and AND1 take over the markets in both Shanghai and other major first and second tier cities in China. 

Source: www.cs.com.cn

Proofread by Raymond Fitzpatrick