Italian luxury jewelry house, Bulgari, signed a strategic partnership with Hengdeli Holdings Ltd. that will make the retail company the sole distributor of Bulgari watches through multibrand watch stores in mainland China.
The five-year agreement aims at increasing the visibility of Bulgari watches in the Chinese market through a presence in over 50 multibrand stores, located in the main cities of mainland China, which will be gradually opened in the next five years, Bulgari said in a statement. Hengdeli is the largest retail company of high-end watches through multibrand watch stores in mainland China.
“The agreement with Hengdeli is very important for Bulgari: on one hand, it will allow us to even more effectively cover the watch market, in an area with a huge potential such as mainland China where we already have 20 monobrand stores,” said Francesco Trapani, Bulgari Group CEO. “On the other hand, this agreement, signed with one of the most important companies in the world for the distribution of international high-end watch brands, proves that our strategy for the watch business is correct and extremely competitive.”
Hengdeli has a network of 302 sales outlets in the People's Republic of China and Hong Kong, through which it manages the distribution and also, in some cases, post-sales services and repairs, of the most exclusive brands of international watches. It also owns three private labels.
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