South Korean Billionaire to Invest $120-M to Save Marikina Shoe Industry
Several days after President Rodrigo visited South Korea, one of the richest people in the country finalized a deal with Filipino counterparts to invest $120 million (₱6 billion) to save the dying Marikina shoe industry.
Park Yeon-Cha, the chairman of Taekwang Industrial, a sneaker manufacturer with more than 70,000 employees, put the largest single investment in the history of the local shoe industry.
Founded in 1971, his company has been making shoes for Nike since the 1980s and now has factories in Vietnam, Indonesia, and China.
Taekwang is a major supplier to Nike, churning out 60 million shoes (or 12% of output) annually for the brand.
Shoemakers in Marikina are doing their best to revive the once biggest Philippine Shoe Industry that was largely affected by the arrival of low-quality plastic shoes from China. They showed how serious and dedicated they are in regaining Marikina’s mark in global shoe industry as reported by ANC’s The World Tonight.
Park investments will focus on research and development, sourcing cheap but high-quality materials, and marketing.
His team said that Park has been thinking of investing into the Philippine shoe industry several years ago but his eagerness increased when he met President Rodrigo Duterte last week wearing a Marikina-made boot.
Around 3,000 shoe manufacturers are reportedly getting help from Park’s investment that could create more than 20,000 local jobs.
Marikina is known for shoe brands like Bristol, Rusty Lopez, Chancellor, Alex, Bandolino, and Mendrez among others.
Park Yeon-Cha, the chairman of Taekwang Industrial, a sneaker manufacturer with more than 70,000 employees, put the largest single investment in the history of the local shoe industry.
Loading...
Taekwang is a major supplier to Nike, churning out 60 million shoes (or 12% of output) annually for the brand.
Shoemakers in Marikina are doing their best to revive the once biggest Philippine Shoe Industry that was largely affected by the arrival of low-quality plastic shoes from China. They showed how serious and dedicated they are in regaining Marikina’s mark in global shoe industry as reported by ANC’s The World Tonight.
Park investments will focus on research and development, sourcing cheap but high-quality materials, and marketing.
His team said that Park has been thinking of investing into the Philippine shoe industry several years ago but his eagerness increased when he met President Rodrigo Duterte last week wearing a Marikina-made boot.
Around 3,000 shoe manufacturers are reportedly getting help from Park’s investment that could create more than 20,000 local jobs.
Marikina is known for shoe brands like Bristol, Rusty Lopez, Chancellor, Alex, Bandolino, and Mendrez among others.
Loading...
Comments
Post a Comment