Underscoring the company’s strategy of placing production as close to its customers as possible, the expansion in Vietnam comes in anticipation of a duty-free agreement with the United States pending the passing of the Trans-Pacific Partnership (TPP), while the Chinese increase — which last saw an expansion as recently as 2012 — is designed to meet growth in consumer demand for elastane.
In addition, Hyosung, whose worldwide sales total more than $11.5 billion, is stretching the reach of its Creora brand with the opening of a Textile Development Center in China, intended to focus on fabric development, product innovation and prototype concepts. The center includes covering, hosiery, seamless, circular knitting and weaving equipment.
“We are constantly looking for new ways to add value for our customers,” Hyosung President C.H. Kim told Knitting Trade Journal, noting that the company’s innovation platforms are focused on improved processing value, enhanced functionality and new aesthetics. “Our new development center will provide a competitive advantage when combined with our latest manufacturing capability.”