Discussion Papers In Economics
And Business

The internationalisation of Chinese apparel companies,
1990-2020

Juxuan Zhang & Pierre-Yves Donzé

Discussion Paper 24-05

April 2024

Graduate School of Economics
Osaka University, Toyonaka, Osaka 560-0043, JAPANThe internationalisation of Chinese apparel companies,
1990-2020

Juxuan Zhang† & Pierre-Yves Donzé††

Abstract
This paper investigates the dynamics of the internationalisation of leading Chinese apparelcompanies since the early 1990s. Following the general growth pattern of this industry, which
was export-oriented until 2005 and focused on the domestic market since 2005, this paper
adopts a business history approach to explore the strategies adopted during these two periods
to invest in overseas expansion. Our discussion is based on an analysis of the top 25 largest
Chinese apparel firms in 2019. Using a broad range of published sources and official data, weshed light on the internationalisation process of these firms and show the various strategies used
to upgrade their position in the global value chains, from OEM manufacturers for global brands
to the owners and managers of their own retail networks.

Keywords: Apparel industry, internationalization, foreign direct investment, China
JEL classification: D22, F23, L67, N85† Osaka University, Graduate School of Economics, zhangjxpku@foxmail.com†† Osaka University, Graduate School of Economics, donze@econ.osaka-u.ac.jp

1. Introduction
In 2010, Chinese giant textile group Shandong Ruyi took over the Japanese apparelcompany Renown.1 It then acquired numerous fashion brands, aiming to establish itself as a
Chinese version of LVMH. Although this strategy failed and led the company close tobankruptcy due to high debts, this episode still demonstrates the ambition of Chinese apparelcompanies to become global retailers and improve their position in the global value chain(GVC).2 China is already the world's largest apparel producer and exporter (since 1994), andRuyi was one of the many companies that supported such growth.3 Moreover, the acquisitionof foreign brands was not only a way to create more value by shifting from an outsourcer ofapparel products to a retailer, it was also to transform the firm into a multinational enterprise.
However, owning a portfolio of global brands is not the only way to internationalise. Some
Chinese apparel producers have invested abroad while focusing on their positions as suppliersof clothing to global brands. Following the wage increase in China and trade barriers imposedby the EU and US, these companies opened production facilities in other Asian countries. For
example, Jifa, Luthai, and Youngor established manufacturing plants in Vietnam successively
since 2005 because of its cheap labour force and tariff preferences.4
These two examples demonstrate that the internationalisation of Chinese apparel firms has
followed various patterns. This is in line with the evolution of the industry since the 1980s. Its
growth until 2020 can be divided into two main phases: the first one characterised by a focus
on the massive export of cheap products to global apparel brands (1980-2005) and the second
one in which sales in the domestic market became the main driver of growth (2006-2020).
During these two phases, Chinese apparel companies acquired the knowledge to build
competitive advantages relating to industrial production and creative activities (Zhang & Donzé,
1 "China's Ruyi to pay Y4bn for Renown," Financial Times, May 21, 2010.
2 “Ruyi Jituan De Shishang Diguo Weihe Mengsui” [Why Ruyi Group's fashion empire dreams are shattered]. China

Business Daily, 2022-11-21.
3“International Trade Statistics, Merchandise Trade Values, Merchandise Exports by Product Group – Annual (Million US

dollar),” World Trade Organization, accessed April 15, 2022, https://stats.wto.org.
4 “Bi Lin Zhi Dao” [Neighbors]. China Fashion, 10 (2017): 48-51.

1

2023). These differences have also probably impacted the expansion of some firms to foreign
markets. Hence, this paper addresses the following research questions: How have Chinese
apparel companies internationalised since the 1990s? What changes were made to theinternationalisation strategy of Chinese apparel companies after 2005? What kind of pattern(direct expansion, use of foreign knowledge) and targets (countries, companies, or brands) did
they prefer? To answer these questions, we follow a business history approach, based on a broad
range of published sources, and use academic literature on the internationalisation of Chinese
firms and on the globalisation of the apparel industry.
The rest of this paper is organised as follows. First, we provide a comprehensive reviewof the literature (section 2) and explain our methodology (section 3). Second, we offer a general
analysis of leading Chinese apparel companies’ internationalisation according to the data wecompiled (section 4). Third, we take some case studies to explore the two internationalisation
processes we have identified in detail (sections 5 and 6). Finally, we discuss our results in the
conclusion.

2. The internationalisation of apparel firms
In order to discuss the conditions of the internationalisation of Chinese apparel companies
between 1980 and 2020, we first review the literature on the internationalisation process ofapparel companies in general during this period. It will enable us to understand the generaldevelopment pattern of this industry. Second, we look at scholarly works on theinternationalisation of Chinese firms in general to emphasise the home-country context of ourresearch.

2.1 The internationalisation of the apparel industry
The apparel industry around the globe experienced a deep transformation during the 1960s
and 1970s, characterised by the outsourcing of production to Asian nations, particularly China,
2and the refocus of apparel companies on high value-added activities such as design, branding,and retail (Lane & Probert, 2009; Hesse, 2019). At the same time, apparel companies
significantly expanded their presence in the global market (Runfola & Guercini, 2013; Donzé& Fujioka, 2015; Miranda, 2020). However, while most leading apparel companies became
global, the process of their internationalisation took two main different patterns.
First, the oldest and most common strategy was to develop the retail network of existing
brands worldwide. Most apparel companies concentrated on the geographic expansion of
consolidated self-owned brands while maintaining their independence. This pattern ofinternationalisation is rather prevalent among the fast fashion retailers and reflected by the
Uppsala model of a gradual commitment in foreign markets, as exemplified by giant retailers
H&M and Inditex (Lopez & Fan, 2009; Bhardwaj et al., 2011; Childs & Jin. 2014; Mo, 2015;
Giertz-Mårtenson, 2020). These firms usually preferred to expand their retail outlets throughwholly-owned subsidiaries, only opting for partners in joint ventures or franchising agreements
in certain markets with low sales forecasts or barriers to direct entry (ibid). On the contrary,
luxury fashion companies, especially Italian firms, expanded through partnerships withcompanies with the capital and knowledge necessary to enter foreign markets (Merlo, 2017).
Good examples include Ermenegildo Zegna's licensing arrangements for extensive productlines and franchising of mono-brand stores, as well as Giorgio Armani's joint ventures for local
distribution with the large textile company Gruppo Finanziario Tessile (GFT) in North America
and the general trading company Itochu in Japan (Cedrola & Silchenko, 2016; Donzé, 2023).
New distribution channels, like flagship stores, and the democratisation of consumption, suchas the launch of diffusion brands for the mass market, typically accompany thisinternationalisation (Moore et al., 2000, 2010; Moore & Doherty, 2007; Guercini & Milanesi,2017).
Second, other companies with enough capital adopted an internationalisation strategy
based on acquiring foreign brands alongside expanding their retail network. Brand portfolios
built through mergers and acquisitions (M&As) facilitated fast entry into and expansion in the
global market. French and Swiss luxury conglomerates like Moët Hennessy Louis Vuitton
3

(LVMH), Richemont, and Kering are excellent illustrations of this pattern since the 1980s(Donzé, 2023). For example, as of 2019, LVMH, the world's largest luxury company, achieved
vertical integration and product diversification by acquiring over 70 brands under thedecentralised organisational structure of ‘umbrella holding’ (Djelic & Ainamo, 1999). This wasmade possible by leveraging the financial support of external investors and banks (Donzé, 2017).
Conglomerate acquisitions have bilaterally provided financial and managerial support to luxury
companies experiencing decline, allowing them to reposition their brands for renewed success.
An example is Kering's acquisition of Gucci and Great Universal Stores’ (GUS) acquisition of
Burberry before it spun off in 2005 (Moore & Birtwistle, 2004). While dominant within luxury
conglomerates, this strategy is not limited to them. Fast fashion companies have also followed
this example. For example, Fast Retailing Co., the Japanese company that owns the brandUniqlo, acquired the French ready-to-wear brand Comptoir des Cotonniers in 2005, hoping to
improve its entry into the European market.5 Fast fashion group Shein, a Chinese online retailer,
acquired the British brand Missguided and announced a joint venture with American fashioncompany Forever 21 in 2023 to consolidate its offline competitiveness against new rivals.6
Compared to this international literature that has underlined two major patterns ofinternationalisation of Western and Japanese apparel companies, scholarly works on Chinese
apparel companies are still underdeveloped and do not provide a clear idea of how thesecompanies ventured into foreign markets. Scholars in management and economics have shedsome insight into the motivations, destinations, and entry modes for the internationalisation ofthese firms. The academic literature is primarily based on firm-level case studies; reflections of
the two patterns identified in Western countries and Japan can also be observed. As forinternationalisation through global M&As and overseas branded outlets, this is seen in the casesof some renowned Chinese apparel companies, such as Youngor’s global acquisitions and
Bosideng’s retail stores in Europe (Guo, 2008; Lu & Chen, 2010; Niu, 2021). Bai et al. (2020)
provided insight into Shandong Ruyi, the only influential luxury-oriented fashion group5"Le japonais Fast Retailing rachète Comptoir des Cotonniers," Les Echos, June 1, 2005.

6 "Fast-fashion group Shein buys a UK brand Missguided," Financial Times, October 30, 2023.

4

originating from emerging markets, and traced its internationalisation through M&As toestablish the ‘Chinese LVMH’. Nonetheless, the deficiency in brand building is still considered
the biggest obstacle undermining the global expansion of Chinese apparel firms' self-owned
brands (Xie & Zhou, 2008; Ke, 2014). Moreover, some studies have discussed theinternationalisation of apparel production. Less developed countries, particularly those includedin ‘the Belt and Road’ initiative, such as Cambodia and Zambia, have emerged as important
destinations for Chinese textile and apparel companies to relocate their manufacturing (Wanget al., 2008; Eliassen, 2012; Deng et al., 2017; Chen, 2021). Although unexplored in a businesshistory perspective, this pattern of internationalisation is rather original, in the sense that it isabsent for Western and Japanese firms, which have outsourced their production since the 1960s
and 1970s.
This brief literature review demonstrates the need to conduct a systematic analysis of theinternationalisation patterns of major Chinese apparel companies in order to better reflect theindustry's overall development and strategic objective towards internationalisation. This will
also enable to stress the specificities of Chinese firms within the global apparel industry.

2.2 The internationalisation of Chinese companies
Apparel companies are not the only Chinese firms to have internationalised in the last four
decades. The general context of the evolution and characteristics of Chinese outward foreign
direct investment (OFDI) offers a framework to properly understand the context of our casestudy. OFDI became authorised in the late 1970s but was limited to state-owned import andexport corporations until 1985 (Taylor, 2002). It started to grow massively in the 1990s (Cai,1999; Child & Rodrigues, 2005). The value of OFDI increased 176 times in three decades, from
830 million US dollars in 1990 to 146,503 US dollars in 2022.7 In 2017, China ranked thirdafter the United States and Japan in terms of FDI outflows, and ranked second after the United

7"Data, Data centre, Balance of payments, Foreign direct investment: Inward and outward flows and stock - annual", United

Nations Conference on Trade and Development, accessed November 26, 2023, https://unctadstat.unctad.org.

5States in terms of FDI stock.8 Scholars in business, cross-cultural management, and area studies
have explored this significant growth from multiple perspectives, including the theoretical
validities, motives, processes, and outcomes of Chinese firms’ internationalisation (Deng, 2012;
Alon et al, 2018; Haasis & Liefner, 2019). Although Buckley et al. advocated the relevance oftraditional internationalisation theories in the largest emerging economies (Buckley et al.,2010a & 2010b; Alon et al., 2013), some studies have challenged their validity in the Chinese
case, particularly for small and medium-sized enterprises (Liu et al., 2008; Sandberg, 2009;
Hennart, 2012). For example, Li (2007) called for an integration of the traditional eclectic
paradigm and the dragon multinationals model proposed by Mathews (2006) to explain theaccelerated internationalisation from the emerging-economy multinationals as a theoreticalextension to better explain Chinese firms’ internationalisation.
However, scholarly works have noted that Chinese firms' internationalisation is somewhat
distinctive among emerging economies, which they have attributed to the unique nature of statedriven internationalisation. Government involvement has a significant impact on FDI flows andlocational choices when compared to Western countries or other emerging economies (Buckley
et al., 2010b). For example, early Chinese OFDI in the 1990s was mostly destined for developed
countries like Australia, the USA, and Canada (Taylor, 2002). Buckley et al. (2010a) attributed
this physically and psychically distant location decision at inception, which posed a contrast to
the Uppsala theory of incremental internationalisation, to institutional support. Moreover, it isfurther evidenced by the fact that most of the companies undertaking OFDI had direct orindirect linkages with the government. They were either state-owned or supported bygovernment sponsorship and financial underwriting; private companies were not legallyallowed to invest overseas before 2003 (Child & Rodrigues, 2005; Yeung & Liu, 2008).
Major firms from heavy industries, home appliances, and electronic devices have attracted
most of the discussions regarding motivations, destinations, and entry modes during
internationalisation (Taylor, 2002; Deng, 2003 & 2009; Hong & Sun, 2006; Luo & Tung, 2007;

8“Zhongguo Duiwai Zhijie Touzi Liuliang, Cunliang” [Outflows and stock of China’s outward FDI], Statistical Bulletin of

China’s Outward Foreign Direct Investment, 2017:4-5.

6

Dunning & Lundan, 2008; Yeung & Liu, 2008; Rui & Yip, 2008; Globerman & Shapiro, 2009;
Buckley et al, 2010a; Voss et al, 2010; Peng, 2012; Alon et al, 2018). Scholars argue that
Chinese OFDI was largely meant for natural resource-seeking, market-seeking, and strategic
asset-seeking, while undervaluing the intention for efficiency-seeking since its domestic market
possessed a reliable supply of cheap labour and land (Deng, 2003; Buckley et al., 2010a). The
early OFDI was mostly concentrated in the rental and business services sectors, while the trend
in the last decade has shifted towards increasing investment in manufacturing. An example isHaier’s establishment of manufacturing plants in the US to avoid American export restrictions
and strategically secure local markets (Taylor, 2002; Li, 2007; Luo & Tung, 2007). Some works
show that Chinese firms are less likely to engage in greenfield investments than in mergers andacquisitions (M&As) and joint ventures (JVs) (Alon et al., 2018). M&As have gained more
preference recently in a bid to achieve rapid internationalisation while minimising institutional
constraints at home (Yeung & Liu, 2008; Rui & Yip, 2008; Deng, 2009; Globerman & Shapiro,
2009; Sun et al, 2012; Peng, 2012). For instance, in 2004, Lenovo purchased IBM’s PC unit
together with its brand, managerial teams, R&D centre, and distribution network, which
immediately made Lenovo the world’s third-largest PC manufacturer (Liu & Buck, 2009; Deng,2009).
This literature indicates that the Chinese apparel industry has been overlooked ininternationalisation studies. Being one of the first sectors to industrialise after the 1980s, it isstill unclear if its internationalisation follows the general pattern summarised above or
represents a distinct one. Our paper attempts to fill these gaps with the following methods andsources.

3. Methodology and sources
With the objective of offering a proper understanding of the general dynamics of theinternationalisation of Chinese apparel companies, we follow the classical approach of businesshistory as developed by Chandler (1990). We have identified the 25 largest apparel firms by7

sales in 2019, according to the rankings by China National Garment Association. Based on theliterature above, we then built our own analytical model of internationalisation to track theirinternational strategies since the 1990s (see figure 1). We have divided the internationalisationof apparel companies into two major patterns: the direct expansion of own capabilities(production, branding, retail) and the use of foreign knowledge. Given that most of the largest
Chinese apparel companies are vertically integrated, we will apply this categorisation to eachbusiness department, such as production, wholesale, and retail, separately, thus presenting themulti-layer corporate strategies in an integrated manner. For example, in the retail business,direct expansion refers to the internationalisation of the company's self-owned brands, either
through wholly-owned subsidiaries or agreements with partners. Correspondingly, the use offoreign knowledge refers to internationalisation through M&As and licensing of the brands thatare already established in international markets. Similarly, direct expansion of production refers
to the establishment of manufacturing plants overseas and the use of foreign knowledge refers
to the acquisition of established foreign manufacturing firms. Finally, the breakdown data oftarget countries, companies, or brands would provide more details to comprehend theinternationalisation of Chinese companies.

Figure 1 The internationalisation of Chinese apparel companies

Source: Drafted by the authors.

8

Our main sources consist of multiple published documents from the 1990s to 2020.
Unfortunately, primary sources about Chinese apparel companies are unavailable for academic
research, and these firms rejected our requests for interviews. In order to minimise information
bias and provide neutral interpretation, we consulted a wide range of published sources,
including around 170 articles published in 78 Chinese business magazines and newspapers. We
accessed these documents from the largest academic database in China, the Chinese National
Knowledge Internet (CNKI), which also includes business publications. A few articles fromforeign magazines and newspapers—like Women's Wear Daily and Financial Times—are used
to supplement the Chinese sources. Details regarding these sources are presented in thereference list at the end of this paper. Furthermore, we draw on official data from domestic andinternational organisations, such as reports from the Statistical Bulletin of China’s Outward
Foreign Direct Investment and statistics from the United Nations Conference on Trade andDevelopment (UNCTD). Although it does not include archives, the broad variety of material
used enabled a ‘triangulation of sources’ (Kipping et al., 2014) to provide a clear idea of how
our selected firms internationalised.

4. The internationalisation of the 25 largest Chinese apparel companies
Based on the methodology used by Chandler (2005), we start our analysis by looking at
the internationalisation process of the top 25 largest Chinese apparel firms in 2019 in order to
identify their profile and the various development paths they followed.
As we will discuss below, all these companies started their cross-border expansion in theearly 1990s. The Chinese apparel industry was already a fast-growing sector and the dominantworld producer at that time. However, outward foreign direct investment (OFDI) was very low
between the establishment of the People's Republic of China (PRC) and the early 1990s. It
essentially took the form of economic aid towards less developed countries. China provided
equipment and technology to 62 factories in 36 countries from 1958 to 1990 through state9

owned corporations. For example, in 1990, China Textile Machinery and Technology Importand Export Corporation (DTMTC), a state-owned industrial and trading company, built several
cotton spinning and apparel factories in Bangladesh, which employed about 400 expatriates.9
The late 1980s saw a gradual emergence of OFDI in the form of Sino-foreign joint ventures(JVs). However, the number amounted only to five by 1987.10 For instance, the Hong Kong
Shanghai Knitting Factory was founded in Mauritius in 1985 by the Shanghai Bureau of Textile
Industry, two Chinese state-owned companies (Shanghai Knitting Company and Shanghai
Foreign Economic and Technical Corporation), and a Mauritius-Chinese businessman. It
produced knitted cotton clothing and mainly exported to the European Community, taking
advantage of Mauritius' membership in the Lomé Convention.11 In the early 1990s, the number
of JVs increased to more than 20 companies, mostly associated with the overseas establishmentof manufacturing plants, particularly in Thailand and the Philippines.12 Despite the abundanceof cheap labour domestically at the time, the need to circumvent quotas and trade restrictions
motivated these early attempts to relocate production overseas. In summary, moving production
facilities abroad was the first step in the internationalisation of the Chinese apparel industry up
until the early 1990s. This sector acted as a supplier of global apparel brand retailers and its
competitive advantage was based on its ability to provide massively cheap clothing.
OFDI started to take a more complex pattern during the second part of the 1990s.
By compiling data from the 25 largest Chinese apparel companies in 2019, we can observe that
it was not until the mid-1990s that apparel companies started to internationalise with objectives
other than production, such as wholesale and retail (see Table 1). Thereinto, 21 out of the 25companies have expanded overseas, indicating a high level of internationalisation among the
9Ibid.
10 “Fangzhi Gongye Sanzi Qiye Gaikuang” [Overview of the foreign-invested companies in the textile industry]. Almanac of

China’s Textile Industry, 1986-1987: 26.
11 "Qianlun Woguo Fangzhi Qiye Guojihua Jingying" [An introduction to the internationalization of Chinese textile

enterprises]. China Textile Economy, 1994(11):24-27+30.
12 "Jianchi Duiwai Kaifang, Jinyibu Kuoda Fangzhi Gongye De Duiwai Maoyi He Jingji Jishu Hezuo" [Insist on opening up,

further expand foreign trade and economic and technical cooperation in the textile industry]. Almanac of China’s Textile
Industry, 1990: 179; "Fangzhi Gongye De Duiwai Jingji Jishu Hezuo" [Foriegn economic and technical cooperation in the
textile industry]. Almanac of China’s Textile Industry, 1991: 9.

10

leading players within the industry. Moreover, 12 of them went public, but this was not asignificant factor to internationalise (two firms were listed before internationalisation, ten after,and nine remained unlisted). The four companies that did not expand abroad include threefashion companies focused on the domestic market (Shanshan Group, Souyute and Xinyuan)
and a manufacturer of uniforms for the government (Ballon Group). Our sources did not
mention any OFDI for these companies.

Table 1 Internationalisation of the 25 largest apparel companies in 20191

Company

Year

name

of IPO

HeilanGroup

2000

Year ofPattern ofinternationa

internationa

lisationlisation

1996

Activity

Target location /company/brandwholesale (OEM/ODM)

Hong Kong, France, Italy, USA
Paris, Malaysia, Singapore, Thailand,

directretailVietnam, Philippines, Japan, South
Korea

wholesale (OEM/ODM)

Japan, USA

production

Hong Kong, Vietnam

direct2

Youngor
Group

1998

1995
retailM&A

3

4

HongdouGroup
Shanshan
Group

2001

1996

1993

N

Shandong
Ruyi

2007

Wang, Slashop, S+Gproduction

Xin Ma, Smart

wholesale (OEM/ODM)

Japan, USA, Hong Kong

production

CambodiaNN

directN

direct5

Xin Ma, Smart, Undefeated, Alexander

wholesale (import raw
materials)

2006

retailM&A

Hong Kong
Renown, Peine Gruppe, SMCP, Trinity
Group, Aquascutum, Bally, Bagir,

production

Australia, India, UK, New Zealand, USAretailUK

production

RussiaretailGreenwoods

production

Cambodia, Vietnam
Alexis Mabille, 8on8

direct6

Bosideng
Group

2007

1992
M&A

7

8

Peacebird
Group
Semir
Group

2017

2015

M&A

retail2011

2018

directretail11

Hong Kong, Saudi Arabia, Indonesia,
Laos, Mongolia, Vietnam, Nepal

9

Souyute
Group

2010

N

M&A

retailSofiza SAS

NN

N
UK, USA, Japan, South Korea,

wholesale (OEM/ODM)

Germany, Italy, Australia, Canada,
Netherland, Belgium, Ireland, Spain,
Turkeydirect10

DishangGroupretailN

USA

2002
production

South Korea, Bangladesh, Cambodia,
Vietnam, Myanmar
Virgowill, Pampolina, AVISTA, Brandon

M&A

retailThomas Design, Cherry Elegance
Fashion11

SunshineGroup

wholesale (OEM/ODM)
1999

1994

13

14

15

16

17

18

19

BallonGroup
Jifa Group

DongduGroup
Xinlang
Sinoer
Romon
Group
Hubao
Group
Luthai
TextileSeduno
Group

N

n/a

n/a

N

1996

direct1999

Ethiopian/an/awholesale (OEM/ODM)

USA, France, Japan, Romania, Russia

production

Vietnam, Cambodia

wholesale (OEM/ODM)
N

Italy, Russia

directproduction

12

Hong Kong, Australia, USA, Japan,

directSingapore, Hong Kong, Japan, South
Korea

production

Cambodia, Malaysia, Vietnam

2010

2000s

directwholesale (OEM/ODM)

Italy, Japan, Hong Kong

N

2000s

directwholesale (OEM/ODM)

USA, Italy, Japan, France

N

1990s

directproduction

Russiawholesale (OEM/ODM)

Italy, USA, Japan

2000

2013

directproduction

Cambodia, Vietnam

directproduction

Cambodia, Myanmar, Vietnam

M&A

production

CambodiaN

2011

Xinyuan20

Cocoon

N

N

N

N

N

N

2017

directproduction

Vietnamwholesale (OEM/ODM)

USA

2008

1999

directproduction

Cambodia, Vietnam

Silk
21

22

HualidaGroup
Ever-Glory
Group

12

retail23

Daiyin
Group

N

1999

directproduction
logistics
wholesale (OEM/ODM)

24

25

DayangGroup

EP YayingGroup

direct
2000

N

1990s

2010

USA, Canada, Netherland, New
Zealand, Australia
Sri Lanka, Malaysia, Cambodia,
Vietnam
USA
USA, UK, Japan, South Korea,
Germany, Italy, Russia

retailUSA

M&A

retailIndochino, InStitchu, John Varvatos

directretailMacau, Malaysia

Source: China National Garment Association’s published statistics, accessed October 22, 2022, at
http://www.cnga.org.cn/html/xhpd/xhgg/2020/0805/52328.html. Internationalisation information wasestablished by the authors on the basis of yearbooks, newspaper and magazines mentioned in the reference list.

In order to identify various models of internationalisation, we classified the data into three
sub-categories: pattern (direct expansion vs. use of foreign knowledge), activity (production,
wholesale, retail, design, marketing, etc.), and targets (location of investment; companies andbrands acquired). Table 1 makes it possible to underline three major characteristics of theinternationalisation process of the 21 Chinese apparel multinationals (MNEs) that invested
overseas.
First, starting from the mid-1990s, almost all of the MNEs began to opt for direct
expansion of their own businesses, including production, wholesale, or retail; the only
exception was Peacebird Group. After the mid-2000s, a new pattern of internationalisation
emerged. Eight firms used foreign knowledge, primarily by acquiring brands or companies.
This strategy was usually implemented after a direct expansion, in the context of upgrading theposition in the GVC from manufacturing outsourcing to branding and retail (see section 5).
Peacebird Group is the only company that internationalised without first implementing a direct
expansion. To sum up, we may infer that Chinese apparel companies' internationalisation ismore often associated with direct expansion than with the acquisition of foreign knowledge
through M&As or licensing.
Second, in the 1990s, internationalisation through direct expansion concentrated primarily
13

on production and wholesale trade. Retail emerged as a new target of direct expansion after the
mid-2000s. However, only a third of these 21 MNEs have established overseas retail stores fortheir self-owned brands. Conversely, retail expansion became the predominant objective ofinternationalisation after the mid-2000s, but this was done by taking over foreign companies orbrands. We found almost no evidence of a licensing strategy with foreign brands to accessoverseas markets. However, license agreements signed by Chinese apparel companies arecommon in the domestic market (Zhang & Donzé, 2023). Only one firm, Dayang Group, has
the license to market the brand of the American designer John Varvatos in North America.13
Third, the choice of location varies with the objectives of internationalisation. According
to Table 1, when companies invest abroad in wholesale trade to sell garments produced as
suppliers of global brands, they mostly go to developed markets (Japan and the US) and to
Hong Kong, a global hub for re-export. In contrast, emerging markets with low labour costs—
especially Southeast Asia—become the major destinations for companies relocating theirproduction. Finally, regarding retail, there is no clear preference. Some companies choose to
first enter proximate markets, i.e., Heilan’s expansion into Southeast Asia, while others choose
to first enter markets with physic and psychic distance but higher income, i.e., Bosideng in theUK.
In conclusion, the three characteristics analysed above contradict the existing literature,
which mostly focus on high-tech and electronic companies, and argue that Chinese MNEs are
more oriented towards internationalisation based on M&As for strategic asset-seeking reasons(Rui & Yip, 2008; Liu & Buck, 2009; Deng, 2009; Globerman & Shapiro, 2009). Apparelcompanies have preferred direct expansion as a means of facilitating export since the first phaseof their internationalisation. Cross-border M&As, where companies focus on retail, developed
as a new trend after the mid-2000s. In the following two sections, we will explicitly investigate
this transformation over the course of the two periods.

13 "John Varvatos partners with Dayang Alliance on new tailored clothing line." MR Magazine. January 12, 2018; "John

Varvatos Business on a Growth Path." Women’s Wear Daily. December 26, 2018; “Dayang: Chuxin Bugai Zai Qihang”[Dayang: Set sail again without changing the original intention]. China Business Herald, 2019-09-17.

14

5. The internationalisation of garments suppliers
Since the 1990s, the export-oriented Chinese apparel industry has developed aninternationalisation based on direct expansion. We categorise this pattern into two types
according to different objectives: wholesale trade and production relocation.

5.1 Independent representatives for wholesale trade
The early attempts by Chinese apparel companies to go global started in the mid-1990s,
with their overseas representatives established for wholesale purposes. The expansion of awholesale business usually took the form of a branch or office to sell OEM products from China
to the local market. This is in line with the claim made by Buckley et al. (2010a) that the bulkof Chinese companies’ outward FDI in services in the 1990s was to facilitate export-relatedtrade. For example, Hongdou Group, an export-oriented OEM manufacturer at the time,
established its first overseas branch in Osaka in 1993 to develop local businesses. It reached amonthly export of over 2 million US dollars to Japan in the same year and soon became thelargest knitwear supplier in the Japanese market.14 In 2001 and 2002, Hongdou set up two morebranches in Los Angeles and New York, respectively, for the same purpose. The annual turnoverof these two branches exceeded 20 million US dollars by 2007.15
As for Dongdu Group, it established a branch in Singapore in 1999, where it transferred
gradually trading business, finance and design. 16 In the following years, the company
successively set up branches and offices in Japan, South Korea and Hong Kong to pursue

14 “Hongdou Sheng Nanguo—Ji Hongdou Jituan Zongjingli Zhou Yaoting” [Red Beans in the South—Zhou Yaoting, General

Manager of Hongdou Group]. China Entrepreneur,1994(03):19-24.
15 “Dazao Kuaguo Bainian Mingqi” [Establishing a century-old multinational]. Entrepreneur Daily, 2007-04-23(A02);“Jiangsu Hongdou: Zhufu Xiangyi Guojihua Bufa Kengqiang Youli” [Jiangsu Hongdou: the bilateral dependence of the main
and auxiliary to build a forceful pace of internationalization]. International Business Daily, 2008-05-07(004).
16“Kan Xianxing Zouchuqu Qiye De Haiwai Buju” [The overseas layout tactics of the first intetnaiontalized companies].

Textile & Apparel Weekly, 2015-11-03.

15

contracts from international apparel retailers. 17 After 2000, these overseas trade-relatedbranches or offices have increasingly integrated R&D and design. For example, Luthai Textile’s
office in Italy acquired design competence by cooperating with Italian designers andinstitutions.18
In short, wholesale expansion was a geographical extension of the apparel companies’
domestic business overseas. It followed the general path of incremental commitments to aforeign market embedded in the Uppsala model, which moved from no regular export in the
1980s to export via independent representatives in the 1990s (Johanson & Wiedersheim-Paul,
1975). As a result, the objective of increasing exports and maintaining the position as the world's
supplier remained unchanged in this internationalisation process.

5.2 Relocation and re-export of production
The Multilateral Trade Agreement (MTA) restricted Chinese apparel exports to developed
countries by quotas between 1983 and 2004. Moreover, export restrictions on textile and apparelproducts had been progressively tightened by bilateral trade agreements between China anddeveloped countries. For example, between 1978 and 1988, the United States and the European
Community increased the number of textile and apparel categories on which they imposed
quotas on China (from six to 91 and from 23 to 49, respectively).19 Thus, after the mid-1990s,
Chinese apparel companies began to build manufacturing plants overseas to circumvent these
quotas: Youngor opened a factory in Hong Kong, Hubao and Bosideng in Russia, and Dishang
17 “Chengzhang Zhong De Juren Fangzhi Minqi Ningju ‘Qiangguo Zhi Meng’Zhongjian Liliang” [A growing giant, theprivate textile enterprise becomes the backbone force of "dream of the great power"]. Textile & Apparel Weekly,2013,
No.665(41):18-23; “Jiangsu Dongdu: Zhizao Zhuanxiang ‘Zhizao’” [Jiangsu Dongdu: the shift from manufacturing to ‘smart
manufacturing’]. China Textile, 07(2013):48; “Yi Chengxin Yingde Shichang” [Win the market with integrity]. China Textile
News, 2006-08-03,004,
18 “Kan Xianxing Zouchuqu Qiye De Haiwai Zhanshu Buju” [The overseas layout tactics of the first internationalizedcompanies]. Textile & Apparel Weekly, 2015-11-03; “Lutai Fangzhi: Yi Bei Tianxia Bu Man Quanqiu” [Luthai Textile:
clothing in the world]. China Textile News, 2022-08-22,002; Luthai Textile Annual Report, 2018.
19"Woguo Fangzhipin Chukou De Falv Zhangai Yu Xiangying Cuoshi" [Legal Obstacles to China's Textile Exports andCorresponding Measures]. Intertrade, 1988(02):44+43+64.

16

in South Korea.20
With increasing domestic labour costs and international trade frictions, the 2000s saw asurge in the number of production relocations.21 Most of these overseas factories were locatedin less developed countries—especially in South and Southeast Asia—for their cheap labour
and low export tariffs towards developed countries (see Table 1). 22 For example, in 2007,
Hongdou Group established a joint venture with three other Chinese companies and a
Cambodian company to invest in the Sihanoukville Special Economic Zone (SSEZ), becoming
one of the first six overseas state-sponsored bilateral economic cooperation zones authorisedby China’s Ministry of Commerce and Ministry of Finance. 23 In addition to Hongdou’s
production mills, SSEZ has drawn over 170 firms, most of which are Chinese light industrial
companies.24 Likewise, after 2011, Seduno established overseas plants in Cambodia, Myanmar,
20 “Yageer, Qingchun De Shiye” [Youngor, the career of youth]. Foreign Investment in China, 1995, (04):45-46; “‘Hubao

Xiaoying’ Chuang Qiji” [The effect of Hubao creates a miracle]. Sunan Sci-Tech. Devel., 02(1995):16-17; "Tuijin Xiangzhen
Qiye Jingying Guojihua De Yitiao Jiejing" [A shortcut to promote the internationalization of township enterprises]. China
Textile, 1994(07):34-35; “Yangfan Chuhai Jiqing Chuangye Liuda Zhanlve Yinling Guoji Fangzhi Fuzhuang Hangmu Qiye Dishang Jituan Chuangxin Fazhan Jishi” [Entrepreneurship with passion and entrepreneurship, six strategies to lead theinternational textile and garment enterprise--Dishang Group's innovative development]. China Economic & Trade Herald,
22(2009):58-59.
21 "Shu Oumei Fangzhipin Chukou Xukezheng Quxiao Shangwubu: Wo Fangzhipin Chukou Zengsu Huo Jixu Fanghuan"[Textile export licenses to Europe and the United States canceled; Ministry of Commerce: the growth rate of textile exports
may continue to slow down]. Foreign Business, 2009(03):31; "Zhongou Fangzhi Maoyi Guanjianci Pandian" [Keywords odtextile trade between China and the Europe]. Textile & Apparel Weekly, 2007(47):12; "Mei Duihua Qidong Maoyi Diaocha,
Fangzhi Fuzhuang Chukou Qiye Jiang Shou Yingxiang" [U.S. launches trade investigation against China, textile and apparelexporters will be affected]. Progress in Textile Science & Technology, 2017(11):52.
22“Hongdou, Tianhjong, Bosideng, Shenzhou Deng Fenfen Haiwai Jianchang Kaidian Zhongguo Fangzhi Jingyihng

Dichengben Haiwai Tuojiang” [Hongdou, Tianhong, Bosideng, Shenzhou and others have built factories and opened storesoverseas, Chinese textile elites’ low-cost overseas expansion]. China Economic Weekly, 31(2013):72-73; “Bi Lin Zhi Dao”
[Neighbors]. China Fashion, 10 (2017): 48-51; "Jimo De Zhijisheng - Jifa Jituan De Qianshi Jinsheng" [The Sound of Looms
in Jimo - The Past and Present of Jifa Group]. China State-owned Enterprise Management. 11(2022):103-105; “Rang‘Dishang’ Chixu Chuangxin” [Keep "Dishang" Innovating]. Oriental Enterprise Culture, 01(2021):48-50.
23 “34 Jia Qiye Ruzhu, Yige Guoji Gongye Yuanqu Zheng Jueqi” [An international industrial zone is emerging with 34

companies join in]. Xinhua Daily, 2013-07-09(B08); “Xihanuke Gang Yao Jianli Guoji Mofan Jingji Tequ-Fang Xihanuke
Gang Jingji Tequ Youxian Gongsi Zong Jingli Dai Yuee” [Establish Sihanoukville Port as an International Special Economic
Zone--Interview with Dai Yue'e, Managing Director of Sihanoukville Port Special Economic Zone Co]. Imp-Exp Executive,
2007, No.411(12):40.
24“Jianpuzhai De Zhongguo Tuohuangzhe” [Chinese pioneers in Cambodia]. China Business News, 2016-06-08(A01);“Zhongjian Shenhua ‘Yidaiyilu’ Hezuo Dianfan” [China and Cambodia deepen the “Belt and Road Initiative" cooperation17

and Vietnam in reaction to heightened US tariffs on goods exported from mainland China, as
the US was its largest sales market. By 2019, the combined capacity of these overseas branches
has reached one-third that of the Chinese domestic plants.25
Africa, in particular, became a rising target destination for production relocation in the2010s (see Table 1). Despite its psychic distance compared to Southeast Asia, trade preferences
offered by the US (African Growth and Opportunity Act) and the EU (Everything but Arms),
coupled with the Belt and Road Initiative of the Chinese government, have encouraged Chinese
private apparel companies to invest in this continent. 26 For example, Sunshine Group has
invested 980 million US dollars in Ethiopia since 2016 to build an integrated production centre,with activities ranging from dyeing and spinning to apparel manufacturing. This centre began
production in 2018 and employed about 7,000 local workers.27
Finally, the changing strategy of international retailers that outsource production to
Chinese apparel manufacturers is another push factor for moving production outside of China
and maintaining relevant business relations.28 For instance, Uniqlo (Fast Retailing) started to
strategically decrease its dependence on Chinese production by transferring its suppliers tolower-cost countries in the mid-2000s. 29 Thus, the manufacturing plant established by Jifa
Group in Vietnam in 2006 has turned into one of Uniqlo's suppliers in the country.30 Similarly,
Seduno Group transferred production facilities for its European partners, including H&M andmode]. Economic Daily, 2023-05-29(004).
25 “Xingwen Fangneng Zhiyuan” [A far-reaching future results from stable steps]. China Fashion, 06(2019):24-25.
26 "Feizhou: Zhongguo Fangzhiye De Touzi Xin 'Lvzhou'" [Africa: a new oasis of Chinese textile industry's investment].

Textile & Apparel Weekly, 2019(32):16-17; "'Chuhai' Feizhou, Rang Zhexie Zhongguo Fangqi Xiankai Xin Pianzhang"[Travelling in Africa enables the Chinese textile firms open a new chapter]. Textile & Apparel Weekly, 2023(41):24.
27 "Jiangsu Yangguang: Shengeng Zhuye Shuli Hangye Dianfan" [Sunshine Group: deep cultivation of the main business to

set an industry model]. China Textile, 10(2019):160-161; "Aisaiebiya Fangzhiye Touzi Zhinan" [Investment Guide for the
Ethiopian Textile Industry]. Textile Science Research, 09(2020):31-35.
28 “Jintui Weigu Waimao Fuqi Xunqiu Zhuanxing Zhenjing” [Seeking transformation to deal with the dilemma of clothing

enterprises’ foreign trade]. Textile & Apparel Weekly, 21(2013):52-57.
29 Fast Retailing Annual Report, 2008 & 2017.
30 "Song Xiaofang: Zhuimeng Taxiang - Ji 'Zhongguo Fuzhuang Niandu Renwu' Jifa (Yuenan) Gongsi Zhigong SongXiaofang" [Song Xiaofang: Pursuing the dream overseas - Song Xiaofang, "Annual Person of the Chinese Apparel", anemployee of Jifa (Vietnam)]. China Textile, 10(2014):80-81.

18Zara, to Southeast Asia, particularly Cambodia.31
Consequently, after the early 1990s, Chinese apparel companies started to transfer theirproduction overseas to address several issues (increasing labour costs, restrictions on free trade,and political pressures) in order to preserve their global OEM supplier positions. This relocation
and re-export of production is also visible in other industrialised countries with export-oriented
apparel industries, i.e., Hong Kong and Singapore. They started to shift production to lessdeveloped markets for similar reasons in the 1980s (Lau & Chan, 1994; Douglas et al., 1994;
Ofreneo, 1994; Au, 1997).

6. The global expansion of retail
In the mid-2000s, Chinese apparel companies began to shift their orientation from exports
to the domestic market. They started developing fashion brands and moved away from theirstatus of being mere outsourcers. This had an impact on their internationalisation strategy. Thesefirms aimed to expand retail overseas and to upgrade their position in the GVC. They adopted
two main strategies: direct expansion and cross-border M&As.

6.1 Geographical expansion of self-owned brands
The first attempts to expand brands abroad resulted from the transformation of Chinese
apparel companies from OEM manufacturers to domestic brand retailers after 2005 (Zhang &Donzé, 2023). Heilan Group is an excellent illustration of this change. This firm was established
as an export-oriented fabric and shirt manufacturer in the late 1980s. In 1996, it began its
internationalisation as an OEM manufacturer, setting up wholesale branches and offices inHong Kong, France, Italy, and the US in order to promote export.32 The shift started in 2002

31 “Xingwen Fangneng Zhiyuan” [A far-reaching future results from stable steps]. China Fashion, 06(2019):24-25.
32“Zonghe Kuaixun” [Comprehensive newsletter]. Textile & Apparel Weekly, 1999(08):4-11; “Daizhe Sixiang Ban Qiye –Hailan Jituan Chuangye Huimou” [Business with Thoughts--Heilan Group's Entrepreneurial Retrospective]. Jiangsu Textile,19

when Heilan first launched a menswear brand, HLA, and established retail stores across the
Chinese mainland. In the following years, the company gradually divested itself from OEM
manufacturing and outsourced production to other Chinese OEM suppliers, retaining only the
production of customised uniforms for the government and SOEs, which accounted for only atiny portion of sales.33 Through this transformation, the company upgraded from an exportoriented manufacturer to a domestic retailer. Heilan nurtured its brands in the domestic market
and, in 2017, initiated the foreign expansion of retail by establishing six HLA mono-brandstores in Malaysia.34 By 2021, it has further added mono-brand stores in Singapore, Thailand,
Vietnam, and Japan.35
Heilan's internationalisation as a retailer, therefore, conforms to the general theory of theUppsala model by first selecting target markets with cultural and geographic proximities. SemirGroup has experienced a similar path, although it was founded as a retailer in 1996, without
any production facilities.36 It belongs to the new generation of apparel retailers that emerged at
the time in China, following the example of Western retailers (Zhang & Donzé, 2023). Basedon the experience accumulated in the domestic market, Semir began to expand the retail of its
children's wear brand, Balabala, to proximate markets, including Saudi Arabia, Indonesia, Laos,
Mongolia, Vietnam, and Nepal in 2018.37
Bosideng Group, on the other hand, contrasts this general model by expanding retail into
2002(12):33-35; “Hailan: ‘Xiaoshanban’ De Bianshen Zhi Lu” [Heilan: The road to transformation of a "small sampan"].
China Textile, 2004(Z1):144-146.
33 Heilan Annual Report, 2017; “Huanyuan ‘Qing Gongsi’ Shenhua Beihou De Luoji” [The logic behind the myth of "lightcompany"]. China Apparel, 2007(12):12-14; “Jiangsu Fangzhi Chanye Zhi Lu Keyi Zheme Zou” [The road of Jiangsu textile
industry]. Jiangsu Economic News, 2012-09-17; “Cong Chuantong Dao Xiandai De Huali Zhuanshen – Hailan Zhijia
Zhuanxing Fazhan Diaocha” [From traditional to modern – Investigation of Heilan’s transformation and development].
Qunzhong, 2014(10):47-48.
34 Heilan Annual Report, 2017.
35 Heilan Annual Report, 2021; “Hailan Zhijia Jinru Riben” [Heilan’s entrance into Japan]. Chinese NIKKEI. May 20, 2019.
36 “Dazao Baiyi Qiye Chuangzao Bainian Pinpai – Tanfang Senma Zhongguo Mingpai Fazhan Zhi Lu” [Building a 10-

billion-dollar enterprise and creating a century-old brand——Exploring the development of Semir's famous brand in China].
Yangtze Delta, 2006(10):65-67; “Chuangzao Xuni Jingying Zhong De Senma Moshi” [Creating the "Semir Model" in Virtual
Operation]. Wenzhou Daily, March 11, 2011 (006).
37

Semir Annual Report, 2018 & 2022; "Shijian" [Events]. China Apparel, 09 (2018): 8; "Bentu Pinpai Nishi

Chuhai Tuo Shichang" [Local brands go overseas and expand the market]. China Fashion Weekly, 2021-09-24.

20

non-Asian markets. Founded in 1976 as an OEM manufacturer, it started moving someproduction facilities abroad in the early 1990s, particularly to Russia, where it established three
JVs to produce and sell apparel.38 Besides that, it launched its first brand, Bosideng, on thedomestic market in 1992. Hence, the portion of OEM manufacturing dropped to less than 12%of sales in 2008.39 In 2012, the company opened its first overseas flagship store in London; it
was also the first Chinese brand flagship store in an international metropolis. One year later, it
acquired the menswear business of the British company Greenwoods to further expand sales.40
However, this expansion was unsuccessful and the London store was shut down in 2017.41
Moving directly from a large domestic market to a high-income Western market waschallenging, and Chinese MNEs in other industries had similar experiences. For example, themobile communication firm Huawei made its first foray into the US market in 2001 after adomestic success, but retreated in 2003 due to backfires (Sun, 2009).
In summary, since the mid-2000s, the largest apparel companies have been seeking to
upgrade into global retailers through self-owned brands following their transformation from
OEM manufacturers to domestic branded retailers. However, the share of overseas retail sales
is rather insignificant to these companies' turnovers. For example, it amounted to 0.1% of total
turnover for Bosideng in 2016 and 0.04% for Heilan in 2021, indicating that none of their brands
were truly global.42

38 "Tuijin Xiangzhen Qiye Jingying Guojihua De Yitiao Jiejing" [A shortcut to promote the internationalization of townshipenterprises]. China Textile, 1994(07):34-35.
39 Bosideng Annual Report, 2008; "Bosideng: Mengyuan Xin Shidai Dili Zai Chufa" [Bosideng: Dreaming of a New Era,

Setting Off Again]. China Textile, 2021(Z5):36-38.
40 "Mai Runquan: Bosideng Haiwai Moulve" [Mai Runquan: The Overseas Strategies of Bosideng]. Corporate Finance,

09(2012):38-39; "Deyi Yu Shiyi Zhijian" [Between Gain and Loss]. China Textile, 12 (2013): 72-80; "Bosideng Dadan Zou
Guoji" [Bosideng Goes International Boldly]. Textile Science Research, 01(2013):72-73; "Bosideng Zhuanxing Naxie Tong
Ni Budong" [Bosideng: those pains you do not understand in transformations]. China Chain Store, 08(2016):58-61.
41 Bosideng Annual Report, 2017; "Bosideng: Kuaisu Kuozhang Zhi Xiaohua Buliang" [Bosideng: Rapid Expansion Causes

Indigestion]. Business Culture, 06(2017):54-57.
42 Bosideng Annual Report, 2016; Heilan Annual Report, 2021.

21

6.2 Portfolio investment through the acquisition of foreign companies
In contrast to the direct expansion strategy explored above, internationalisation throughM&As enabled some Chinese apparel companies to establish themselves more successfully in
the global market. Their objective was to build a portfolio of brands to compete in various
countries and segments. This pattern fits the general argument made by international businessscholars; according to them, MNEs from emerging countries prefer M&As to achieve rapid
internationalisation over their counterparts in developed countries (Kumar, 2009).
Shandong Ruyi shows how a domestic OEM manufacturer aimed to transform into a
global fashion conglomerate within a decade through M&As – although this ended in a financial
disaster. This company was established as a fabric manufacturer in 1972 and remained an
exporter without any self-owned brands prior to its internationalisation. In 2010, Ruyi made afirst acquisition by purchasing 41% of the Japanese fashion company Renown, which owned
and licensed over 30 brands, including Anya Hindmarch, Arnold Palmer, and Hiroko Koshino.
It became Renown’s largest shareholder and targeted the Japanese market. In the following
years, it successively completed a series of foreign M&As, including Peine Gruppe (Germany)in 2014 (with brands Barutti and Materhand), SMCP (France) in 2016 (with brands Maje,
Sandro, and Claudie Pierlot), Trinity Group (Hong Kong) in 2017 (with brands CERRUTI 1881,
Kent & Curwen, etc.), and the luxury brand Bally (Switzerland) in 2018. 43 In addition to
fashion companies, Ruyi also purchased manufacturing plants around the world. Hence, it
adopted an ambitious and unique strategy in the apparel industry, characterised by the full
43 “Ruyi Jingwai Shougou SMCP Shifou Ruyi” [Is Ruyi's offshore acquisition of SMCP as intended]. China Textile News,

2016-04-11(001); “Cong ‘Zhongguo LV’ Dao Qianzhai 400 Yi – Shandong Ruyi Zouxia Shentan” [From "China's LV" to 40
billion in debt - Shandong Ruyi, going down]. China State-owned Enterprise Management, 17(2022):105-106+3; “Shandong
Ruyi ‘Shinian Moyijian’ Zaoyu Chanyelian ‘Kuayue Zhi Shang’” [Shandong Ruyi's "ten years of sharpening a sword"
encounters the "death of the industrial chain"]. China Family Business Review, 2020, No.61(08):63-67; “Ruyi Jituan De
Shishang Diguo Weihe Mengsui” [Why Ruyi Group's fashion empire dreams are shattered]. China Business Daily, 2022-1121(A09); "Shandong Ruyi Konggu Bally, Fuxing Shougou Lanvin. Zhongguo Qiye Cheng Shechipin Dapai Maijia"["Shandong Ruyi Holds Bally, Fosun Acquires Lanvin. Chinese Firms Become Buyers of Luxury Brands]. China Economic
Weekly, 09(2018):65-66; "Daguo Xiang Qiangguo Lushang You Yi Lichengbei Shandong Ruyi Wancheng Shougou Meiguo
Laika LYCRA Pinpai" [Another Milestone on the Transformation from a Big Country to a Strong Country, Shandong Ruyi
Completes Acquisition of U.S. Lycra Brand]. Textile & Apparel Weekly, 05(2019):12.

22

verticalisation of operations, from sourcing, and production, to design, and retail. To name afew, it acquired the Australian cotton plant Cubbie Station (2012), the Scottish tweed
manufacturer Carloway Mill (2013), the Australian wool supplier Lempriere (2013), and the
US fibre maker Lycra (2019). The CEO of the company, Zhou Yafu, has expressed his ambition
to build ‘the LVMH of China.’ 44 However, due to the debt default caused by excessive
expansion, high leverage, and sizeable losses of acquired firms, Ruyi failed and lost control ofmost of these firms after 2020.
Dishang had a similar but better-managed expansion. It was born as an export-oriented
OEM manufacturer in the 1990s and started its internationalisation in 2002 by opening
wholesale branches and offices in Japan and Europe.45 The transition to global retailer began
in 2008 when Dishang completed its first acquisition of the US company Virgowill and theGerman childrenswear company Pampolina one year later. In 2012, it acquired a 39% stake in
the South Korean womenswear company AVISTA and 85% of the US company Brandon
Thomas Design.46 These acquisitions enabled Dishang to internalise design and R&D, and toconsequently launch its own brands.47 For example, it developed the denim brand Indigo Reign(2012) and the menswear brand Standard & Grind (2014) for the North American market.48
Dishang demonstrates that building brands in the Chinese market is not a necessary condition
to become a global fashion retailer.

44 Ibid.
45 “Yangfan Chuhai Jiqing Chuangye Liuda Zhanlve Yinling Guoji Fangzhi Fuzhuang Hangmu Qiye - Dishang Jituan

Chuangxin Fazhan Jishi” [Entrepreneurship with passion and entrepreneurship, six strategies to lead the international textile
and garment enterprise--Dishang Group's innovative development]. China Economic & Trade Herald, 22(2009):58-59;“Rang ‘Dishang’ Chixu Chuangxin” [Keep "Dishang" Innovating]. Oriental Enterprise Culture, 01(2021):48-50.
46 “Dishang: Chuangyi Yinling Shishang” [Dishang: creativity leads the fashion]. Openings,15(2017):62-65; “Jintui Weigu

Waimao Fuqi Xunqiu Zhuanxing Zhenjing” [Seeking transformation to deal with the dilemma of clothing enterprises’ foreign
trade]. Textile & Apparel Weekly, 21(2013):52-57.
47 “Dishang: Chuangyi Yinling Shishang” [Dishang: creativity leads the fashion]. Openings,15(2017):62-65; “Dishang:

Dazao Guojihua Gaoduan Fuzhuang Pinpai” [Dishang: establishing an international high-end clothing brand]. Imp-Exp
Executive, 10(2014):39-4; “Dishang Yu Dazao Zizhu Fuzhuang Pinpai” [Dishang wants to build its own clothing brand].
Textile & Apparel Weekly, 26(2013):70.
48“Zhijing Pinpai: Zoujin Bali Zhan” [Tribute to Brands: Into the Paris Show]. China Textile, 09(2018):134-136;

Development History, official website of Dishang Group, available at: https://www.dishang.com/aboutus/develop.aspx.

23Youngor, on the other hand, represents the case of a domestic retailer that pursued
internationalisation through M&As while focusing its own brands exclusively on the domestic
market. The company, which was founded as a shirt manufacturer in 1979, began the productionof men’s suits in the early 1990s and launched the brand Youngor into the domestic market. It
remained the largest source of its revenue in 2021.49 Besides, internationalisation started withthe opening of branches to sell OEM products in Japan (1999) and the US (2004).50 In the early
2000s, the gradual transition to a global fashion retailer is observed through the sharp decline
in OEM sales (42% in 2004 and 4% in 2014).51 M&As made this change possible. In 2008,
Youngor acquired two subsidiaries of the US group Kellwood, Xin Ma and Smart. Together,
they owned 14 production bases in Sri Lanka, the Philippines, and mainland China, andspecialised in ODM production for more than 20 brands, including POLO and Calvin Klein.
They also owned the license for five brands, including Nautica and Perry Ellis.52 Unlike OEM
products, for which design is developed by the client, ODM products are designed by the
manufacturer under a private licensing agreement. Hence, these acquisitions enabled Youngor
to internalise design and product development knowledge. More recently, this firm has pursued
its investments in US apparel retailers, including the streetwear brand Undefeated and the
fashion brand Alexander Wang. 53 Hence, Youngor has kept a twofold brand management
strategy: foreign brands acquired through M&A for the overseas market and the Youngor brandfor the Chinese market.

49 Youngor Annual Report, 2021; “Yageer, Qingchun De Shiye” [Youngor, the career of youth]. Foreign Investment in China,

1995, (04):45-46; “Yageer: Yanyi Zhongguo Shangwu Nanzhuang De Shishang Chuanqi” [Youngor: Interpreting the fashionlegend of Chinese businessmen’s wear]. China Textile, 2022(12):118-119.
50 Su, Yageer: Feifan Jueqi, 144; “Yageer: Cong Tiepai Dao Chuangpai” [Youngor: from OEM to branded retailer]. CBN

Daily, 2004-12-27, C06.
51 Youngor Group Annual Report, 2004 & 2014.
52 “Yageer Ni 1.2 Yi Meiyuan Gou Liang Guoji Gongsi” [Youngor plans to buy two international companies with 120 million

USD]. Securities Times, 2007-11-24(A03); “Yageer Zuida Haiwai Shougou An Huopi” [Youngor’s largest overseas
acquisition was approved]. CBN Daily, 2007-12-18(C03); “Yageer Chuixiang Kuaguo Binggou Ji
jiehao” [Youngor blows the rallying cry for cross-border M&A]. China Textile. 02(2008):32-37; “Yageer Binggou Xinma:
Gonglve Xiangjie” [Younger’s M&A of Xin MA: A Strategy Explained]. China Fashion. 08(2009):38-39.
53

Youngor Annual Report, 2021; "Alexander Wang Receives Funding from Chinese Investors." Women’s Wear Daily (Sep06, 2022): 2; "Alexander Wang's China Dream." Women’s Wear Daily (Dec 01, 2022): 10.

24

These three examples demonstrate that, as opposed to the direct expansion of self-owned
brands, portfolio investment enabled Chinese apparel companies to transform directly into
global retailers and take control of the GVC. However, this entry mode, which entails a higher
level of commitment and risk compared to stepwise entries of the general theory, might lead tofinancial and managerial failures, as exemplified by the case of Ruyi.

7. Conclusion
Starting from the early 1980s, the Chinese apparel industry has grown from a weak basis
to the world's largest apparel producer and exporter. It exhibited the development of two distinct
periods: the export-oriented period from the 1980s to the mid-2000s, and the domestic-oriented
period after 2005. Accompanying this strategic transition, the internationalisation of Chinese
apparel companies, which started gradually in the 1990s, also indicates different characteristics
over the two periods.
The early attempts by the largest Chinese apparel companies to invest overseas took two
basic forms of direct expansion. The first form was to establish independent representatives forwholesale trade, mostly in developed countries, in order to promote OEM exports from China
to the local markets. The second form was to construct manufacturing plants abroad due torising domestic labour costs and export restrictions. The relocation of production was primarily
located in less developed countries and intended for re-export. Consequently, during this period,
the primary goal of Chinese apparel companies' internationalisation was to increase exports andconsolidate their positions as world-leading OEM suppliers.
As the leading apparel companies began to transition from OEM manufacturers to branded
retailers in the mid-2000s, new patterns of internationalisation emerged. Some companies
focused on the geographical expansion of their own brands through retail stores, either inproximate or distant markets. However, direct retail expansion is still at a low level with rather
minimal overseas sales. Additionally, the use of foreign knowledge through portfolio fulfilment
became an efficient approach for leading Chinese companies without strong brands to initiate
25

rapid internationalisation. They typically acquire established foreign brands and manufacturing
facilities to become global retailers and take control of the GVC.
This paper offers three main contributions to literature. First, it gives the perspective of
business history to research in management and economics on the growth of the Chinese apparelindustry. While the literature is either focused on quantitative analysis or on single case studies,
we have provided an exploration of the industry itself. Focusing on the pattern of thedevelopment of the top 25 apparel firms in China enabled us to identify the specificities of this
sector and various strategies adopted to internationalise. Furthermore, by dividing the industry's
development into two distinct periods, our research shows that the dynamics ofinternationalisation goes hand in hand with the transformation of this industry over the past
three decades. We have, hence, provided a comprehensive framework for further research on
the history of the Chinese apparel industry.
Second, this paper complements the research on the internationalisation of Chinese firms,
which focuses mainly on high-tech industries like electronics and communication equipment.
Apparel is a labour-intensive and low value-added industry, which main driver of foreign
expansion was however not limited to efficiency seeking. Looking for cheap labour was not the
only reason for overseas investments. Since 2000, shifting from OEM manufacturers to global
retailers and consequently improving the position in the value chain has become another major
objective. Like high-tech companies, the acquisition of specific knowledge to be globallycompetitive – here essentially related to design and branding – was also largely realised through
M&As.
Third, and finally, this research contributes the perspective of Chinese firms to theliterature in business history of fashion. While the narrative in this field is mostly based on the
global expansion of Western companies through various organisational models, the Chineseexperience highlights the role of accumulated knowledge in OEM manufacturing to develop
fashion brands and the importance of neighbouring emerging countries to nurture them,
together with a more traditional mode of expansion based on M&As. This shows that nonWestern brands, largely ignored in this literature, have found their own way to develop as
26

latecomers.

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