China-Italy Economic Ties: Joining hands to lead the world in the garment sector
Updated 12:40, 25-Mar-2019
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03:05
As a top 10 global economy, Italy provides the world with some of its most chic clothing, hottest cars, and of course delicious food. All the more reason for China to enhance relations with the EU powerhouse. CGTN's Wu Lei has more.
The fashion industry has always been a name card for Italy. These automated sewing machines are behind the shining business. While many Chinese manufacturers like Jack Sewing company are busy catching up with Italy's leading technology, its founder Ruan Jixiang says actually, some Italian industrial sewing machine makers are struggling to expand their overseas market. Ryan says the two sides are highly complementary.
RUAN JIXIANG, FOUNDER JACK SEWING MACHINE CO., LTD. "These Italian companies are very strong in technology and branding, especially in the smart manufacturing industry. China has a huge market and also international marketing channels."
To speed up the industry's fast growth, Jack has acquired two leading Italian machinery makers, MAICA and VI.BE.MAC over the past 2 years. These Italian brands have been quickly introduced to the Chinese market with Jack's strong channel advantages.
ALBERTO GUERRESCHI, CEO VI.BE.MAC. S.P.A "The collaboration between the two groups makes it possible to develop our products in denim, providing not only vertical solutions for customers but also exchanges of information between Jack and Vibemac on the market."
Now more Italian technical and sales experts are exploring the Chinese market and exchanging with their Chinese partners. They are aiming higher for the whole industry.
ENRICO GUERRESCHI, SALES DIRECTOR VI.BE.MAC. S.P.A "Our plan is to lead the world market in terms of jeans but mostly to complete our line, our automation together with the standard units of Jack, to make a turnkey project for all our customers worldwide."
In 2018, the bilateral trade volume between China and Italy exceeded 50 billion US dollars, and two-way investment accumulated more than 20 billion US dollars. Companies from both sides realize that cross border operation also faces a lot of difficulties.
RUAN JIXIANG, FOUNDER JACK SEWING MACHINE CO., LTD. "One of the biggest challenges is the cultural difference. We think in different ways, but we need to learn to respect each other, as localization is always key to global expansion."
People say China and Italy are moving closer via the Belt and Road Initiative as an engine, as the garment sector is only one example of mutual cooperation. More industries are expected to follow.
WU LEI TAIZHOU CITY, ZHEJIANG PROVINCE "From technological cooperation to mergers and acquisitions, Chinese and Italian companies are joining hands to achieve new growth. Many believe the growing economic ties will further boost people to people and cultural exchanges. WL, CGTN, TZ city, ZJ province."