Crocodile breaks ground on new HQ
(China Daily)
Updated: 2005-07-16 08:57

SHANGHAI: Singapore-based Crocodile International Pte Ltd will break ground in the city's Changning District on Sunday on its new global headquarters building project.

The Cartelo Building will serve as the headquarters of Shanghai Eastern Crocodile Apparels, a subsidiary of the Singapore company, and Crocodile International.

"The relocation of our global headquarters from Singapore to Shanghai marks a significant milestone for Crocodile International," said Ang Boon Tian, chairman of the Crocodile International Pte Ltd (CI).

The project is expected to cost 120 million yuan (US$14.5 million) in investment and will be completed at the end of next year.

The project should have been launched last year, but was delayed by lengthy approval procedures, Ang said.

"The move indicates our long-term commitment to business expansion in the China market," the chairman said in an exclusive interview with China Daily.

"With our global headquarters based in Shanghai, we can control the production of crocodile goods in China and turn the country into a big supplier for the whole of Asia."

In the 28,000-square-metre Cartelo Building, the company will set up a global distribution centre, a research and development centre and a design centre, he said.

CI now controls 45 licenses in 12 countries.

Ang told China Daily that Crocodile International will continue to invest in China to enhance and protect one of the best-selling brands in China.

It has invested about 200 million yuan (US$24 million) in building factories and companies in China. More funds will be spent as the market is enlarged, said Yi Qianru, general manager of the Shanghai Eastern Crocodile Apparels.

"We take part of our annual profits as capital to launch expansion projects," said Yi.

Ang said CI has purchased a piece of land in Shenyang, Liaoning Province, to build a new factory as an expansion effort in China.

"As the new factory is completed, we will adjust our production to make China into our supplier centre for the world market," Yi said.

At present, Japan is CI's largest market, but China has a great potential to catch up with it, she said. To reach the objective, CI will reinforce its effort to bring the quality of the products processed by Chinese factories under control.

"We will co-operate with Chinese factories to produce qualified crocodile goods in accordance with CI's standards," Ang said, adding that the target can be reached within two to three years.

Crocodile International sold Cartelo products valued at 1 billion yuan (US$121 million) in the Chinese mainland last year, accounting for a 35 per cent share of the world market.

Close