Lectra opens subsidiary in Vietnam
On 1st July the specialist in integrated solutions for the fabric, leather, technical textiles and composite materials industries has opened its Vietnamese subsidiary. Lectra was formerly represented in the country by Ly Sinh Cong Trading Service Company (LSC), whose staff and assets have been wholly incorporated by Lectra Vietnam.
"Vietnam is one of South-East Asia's most dynamic economies, having enjoyed a 5.5% growth in the first quarter 2016," explained Lectra director Daniel Harari. "It is a destination of choice for companies who seek to control their manufacturing costs, and for brands looking to diversify their supply sources. The trans-Pacific partnership agreement signed in February 2016 will further boost the country's appeal. Lectra already serves several clients in Vietnam, including some major Asian groups."
In 2014 Vietnam exported approximately $21 billion worth of apparel. An 8% increase is expected for the current fiscal year, which should see apparel exports reach close to $30 billion. The local textile industry consists of about 6,000 companies, chiefly managed by entities from China, Hong Kong, South Korea, Japan and Taiwan.
In 2015 Lectra generated a revenue of €237.9 million, and currently numbers 23,000 clients in over one hundred countries. The company has 1,500 employees and works notably for major luxury goods groups such as Louis Vuitton and Hermès, as well as fast fashion specialists such as H&M.
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