SEOUL, South Korea--(BUSINESS WIRE)--Hyosung (KRX:004800) Chairman Cho Hyun-Joon has dispelled a view of textile business as a declining industry. He has tackled global market with ‘creora®’ which is the brand name of spandex Hyosung developed using its own technology.
Back in the early 1990s when the brand was first developed, Hyosung TNC (KRX:298020) ranked third in the Korean spandex market. It has been the top-rated spandex maker in the world since 2011, thanks to its inimitable technology and Chairman Cho’s aggressive investments.
Currently, Hyosung TNC rolls out a variety of functional products that can add high value, such as super chlorine resistant spandex and spandex which expresses colours vividly. Hyosung TNC has developed functional products that customers want based on hands-on market experience and analysis rather than competing against low-priced products.
Chairman Cho Hyun-Joon has called for the increase of textile sales through a close business partnership built by a strategy to meet demands by textile makers and clothing companies quickly and show trends before competitors do.
Hyosung TNC has stabilized its domestic production, then focused on expanding a global network of exports to major markets. The company has extended its worldwide network as it established global factories and regional sales subsidiaries in key spots in Asia (China, Vietnam), Europe (Turkey) and Central and Latin Americas (Brazil).
In 2008, it completed the construction of a spandex factory in Turkey to capture the premium European market. Turkey is strategically important hub linked to Europe, the Middle East and North Africa. In 2011, Hyosung TNC built a factory in Brazil with a population of 200 million to gain a foothold in Latin American markets. The Hyosung affiliate has taken up 50 percent of the local Brazilian market, which helped it boost sales in other Latin American markets. A spandex factory under construction in India is scheduled to be completed in June next year.
