Hyosung Chairman Cho Hyun-joon tours one of customer companies’ booths at the Intertextile Shanghai 2018 at the National Exhibition and Convention Center in Shanghai.

Under the stewardship of Hyosung Group Chairman Cho Hyun-joon, Hyosung is accelerating efforts to make inroads into the Chinese apparel market, whose value is estimated to stand at 300 trillion won.

Hyosung plans to expand its global business scope by establishing production centers in Vietnam and India as well as to solidify its standing as a No. 1 company in China, the world’s largest apparel and textile market.

Chairman Cho said, “(Hyosung) will firm up its standing as a global No.1 company by strengthening an inroad into the Chinese apparel market whose size stands at 300 trillion won annually with a growth rate of more than 5 percent.”

Cho made the remarks after attending the Intertextile Shanghai Apparels Fabrics along with 21 global customer companies.

The Intertextile Shanghai 2018 took place at the National Exhibition and Convention Center in Shanghai from Sept. 27 through Sept. 29. Chairman Cho participated in the Intertextile Shanghai 2018 for the second straight year. He had meetings with customers visiting Hosung’s booth and had a first-hand look at the latest trends in the global textile market.

The best way of examining rapidly changing market trends and understanding customers’ needs is to lend an ear to voices of the field, Chairman Cho said. He also stressed continued technology development, quality innovation and marketing activities tailored to meet needs.

The establishment of production centers and expanding business in India and Vietnam are stepping stones of Hyosung’s inroads into the global market, which will hinge on its future competitiveness, and the Chinese market, a cornerstone for globalizing Hyosung, will maintain its standing as a global No.1 company, he said.

The Chinese apparel & textile market, whose value was estimated at about 1.797 trillion yuan (300 trillion won), is growing fast with an annual growth rate of more than 5 percent. It is the reason Chairman Cho is out to make an inroad into the Chinese market.

Hyosung Chairman Cho discusses ways of promoting cooperation during a meeting with officials with China’s Big Three textile companies. (Photos: Hyosung Group)

Hyosung has so far invested not less than $1.5 billion in such core product businesses as spandex and tire cord, its global No. 1 products. Hyosung China posted more than $2.2 billion in sales last year and hired more than 7,000 Chinese. Hyosung has 15 production operations in Jiaxing, Zhejiang Prefecture, Zhuhai, Chingtao, and Nantong.

They produce spandex, tire cord, and other mainstay products to maintain an upper hand over the global market.

Chairman Cho met with the head of Zhejiang Prefecture in August and discussed ways of promoting business cooperation.

Zhejiang Prefecture is a place in which Hyosung’s first overseas production center was set up in 1999. Hyosung launched “China Project” with a focus on Jiaxing.

Hyosung’s tactics to make an inroad into the China’s domestic market and global market catapulted the company to top in the global spandex market. Hyosung TNC set up booths tailored to meet market trends under the theme “Better Life Ahead.”