Global Sources Buys 80-percent Stake in Shenzhen Clothing Show
March 5, 2012
Global Sources bought a 80-percent stake of the China (Shenzhen) International Brand Clothing & Accessories Fair (SZIC), one of Asia’s largest fashion fairs, for US$17.3 million.
Shenzhen is a base for garment designing and manufacturing in China and SZIC, which was launched in 2001, has grown since its inception.
The 2011 event hosted about 300 exhibitors, 4,000 booths and 31,000 professional visitors.
"The apparel industry in China is moving from pure manufacturing to design and innovation, driving Chinese brands to become more well-known and prestigious, ultimately accelerating China's domestic demand,” said Global Sources' executive chairman, Merle A. Hinrichs.
He added that the 12th Five-Year Plan of China states its intent to put resources and focus into fostering the domestic fashion and textile industry.
According to the plan, the goal is for China to have between three and five internationally recognized brands and 100 nationally renowned brands, Hinrichs said.
"With SZIC's dominant presence in the burgeoning fashion industry combined with Global Sources' established global presence and strong network in China, the partnership positions both of us to take advantage of this emerging opportunity,” he added.
Hinrichs said, “We are excited about teaming up with the experienced professionals of the SZIC team.”
Besides Global Sources’ series of sourcing fairs in China, the company recently expanded overseas into the Brazilian Market as well.
There will be four collocated Fairs, and the events will enable manufacturers from China and other Asian markets to meet and do business with buyers in Brazil and surrounding countries, according to Global Sources’ officials.
Brazil is just one of several emerging markets Global Sources has focused on during the past few years, with new China Sourcing Fairs launched in up-and-coming consumer markets such as Dubai, Mumbai, Johannesburg, and most recently in Miami, to serve the Latin American market.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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