French high-end faucet producer to set up subsidiary in Shanghai

13:06, January 06, 2010      

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France's luxury faucet producer THG (the House of Tetard-Haudiquez-Grisoni) has planned to set up a subsidiary in Shanghai in 2010 and sign deals with China's high-grade hotel chains and communities, local newspaper reported Tuesday.

The company said it hoped that opening up China's market would help it tide over the negative impacts of the financial crisis.

THG, with 80 percent of its business abroad, has seen a 20 percent drop in turnover in 2009 after continuous growth in the previous two years. Turnover in the United States, the company's largest overseas market, even shrank by 40 percent, the French daily Les Echos reported.

Statistics show that, while the company maintained steady business operation in the Middle East, orders of Olympic-related products from China has increased by 35 percent since 2007. The company now expects to further expand its market in China in 2010.

Established in 1950, THG is a family-owned enterprise and noted for providing luxury faucets and bath products for top-ranking hotels in France and customized services for the world's wealth clients.

Source: Xinhua
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