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Commercial real estate investment company RDM Fingen Group has opened its seventh Florentia Village in China, a luxury outlet in Chongqing. The newest outlet of the Italian-Chinese group will sell fashion, sportswear and luxury brands such as Calvin Klein, Tommy Hilfiger, Furla, Karl Lagerfeld, Adidas, Under Armour, New Balance, Puma and Vans.
The group has built outlets in Tianjin, Shanghai, Guangzhou, Hong Kong, Wuhan and Chengdu since 2011. The Chongqing site is the group’s second project in southwestern China, after Chengdu. In recent years, the southwestern region has become a battlefield for luxury brands and retailers due to its growing consumer spending power. RDM Fingen Group says it will invest more in second- and third-tier Chinese cities.
Domestic outlets have become increasingly popular destinations since Mainland Chinese consumers’ travel plans have been disrupted by the pandemic. In 2020, 39 outlets in China surpassed 1 billion yuan ($154.5 million) in annual sales each, totalling more than 80 billion yuan ($12.36 billion), according to a report released by Outlet Lingxiu Media Big Data Center. In 2019, the corresponding figures were 34 outlets reaching 70 billion yuan ($10.82 billion) respectively.
