Skechers stays bullish on future prospects
Global leisure brand Skechers has seen fast sales growth in China since it entered the market 10 years ago. The company’s sales in the Chinese market grew by 73 percent annually on average during the past decade, with sales volume surging from 74 million yuan ($11.2 million; 9.6 million euros; £8.4 million) in 2008 to 10.43 billion yuan in 2017, according to Willie Tan, Skechers’ CEO for the Chinese mainland, Hong Kong, South Korea and Southeast Asia markets. Tan attributed the brand’s rapid growth in the Chinese market to an effective partnership model, localized operations and branding as well as an efficient supply chain. Norway’s seafood exporters might pay more than 70 million kroner ($8.6 million; 7.3 million euros; £6.5 million) less every year after China introduced huge new tariff cuts on July 1, the Norwegian government said in a news release. “Last year, we exported seafood for well over 3 billion kroner to China. If we take last year’s exports as a starting point, this means a tariff reduction of more than 70 million kroner annually,” Minister of Fisheries Per Sandberg was quoted as saying. “China is opening up for more international trade. These are positive moves from a large and important market,” he said. Liberian President George Weah has welcomed a visiting Chinese business delegation whose aim is to set up an artificial-hair factory in the West African country. The delegation, from central China’s Henan Ruimei Products Co Ltd, which produces artificial hair, said it intends to use Liberia as a hub for artificial-hair production in Africa. The establishment of its factory in Liberia will create jobs for 3,000 to 5,000 local people within three years, according to the Chinese company. About 500 initial employees will be needed when production begins, the company said. CRRC Changchun Railway Vehicles is expected to deliver the first of its new generation magnetic-levitation trains to its customer in June 2019. The new low-to-middle-speed maglev train can run at up to 120 kilometers per hour, according to the CRRC Changchun Railway Vehicles. The new generation train also has better shock and sound proofing capabilities. The company has recently won a bid for a 38-km maglev line in the city of Qingyuan in Guangdong province. With a lower cost and shorter construction period, the low-to-middle-speed maglev system is appropriate for urban commuting, as well as travel to nearby cities and tourist spots.