(Yicai Global) Nov. 7 -- Vipshop, a Chinese company operating the online discount sales platform VIP.com, signed an exclusive cooperation agreement with UK Luxury startup Genavant at the first China International Import Expo yesterday.
Cambridge-based Genavant, a new brand founded by Jimmy Choo and Reggie Hung, is preparing to premiere at the first ever China International Import Expo with a pair of CNY30 million (USD4.4 million) diamond-studded shoes.
The shoes were created by Choo and his godson Reggie Hung, according to Ami Hsu, who co-founded the brand with the two designers. The footwear features pink and white diamonds graded by the Gemological Institute of America and will go on display alongside other bejeweled shoes.
The pair is named 'ChunCan,' which means 'the splendid spring.' The body of the shoes consists of four one-carat leading diamonds and over 10,000 pink diamonds with a total mass of 300 carats. It took two years for the design, diamond selection and assembly, as well as 360 hours for the inlaying process alone. The shoes cost CNY30 million (USD4.4 million).
Guangzhou-based Vipshop Information Technology was set up in August 2008, and its affiliated e-commerce website started operating Dec. 8 that same year. Its main business is online discount sales of brand products, including garments, shoes, bags, cosmetics, maternal and baby products, household commodities and other categories.
Vipshop listed on the New York Stock Exchange in March 2012. Its overall revenue last year reached CNY73 billion (USD11 billion), with 29 percent annual growth, and its net profits attributable to shareholders was CNY1.9 billion (USD290 million), slightly lower than the CNY2 billion for 2016.
China will lead future global fashion via the import expo, predicted Hui Wai Hing, Genavant's chairman. The opening of first CIIE also means great opportunities for cross-border e-commerce platforms, Huang Hongying, Vipshop vice president, noted.
The first China International Import Expo, which kicked off on Nov. 5 at Shanghai's National Convention & Exhibition Center, will go on until Nov. 10.
Editor: Ben Armour