A Semir store [Photo/zjol.com.cn]

Zhejiang Semir Garments Co Ltd, a leading clothing company based in Wenzhou, Zhejiang province, recently acquired Kidiliz, France's largest children's wear manufacturer, making it the second-largest enterprise in the that sector in the world.

"The acquisition is based on the five-year plan Semir has made for 2019-2023, which puts forward that by 2023, the company will realize total output value of 80 billion ($11.51 billion)," said Qiu Guanghe, chairman of the garments group. Qiu said the children's wear sector will be an important growth driver in achieving that goal.

For Semir, developing the children's business has been a long-term strategy. The sales revenue of its children's wear brand, Balabala, exceeded 10 billion yuan in 2017, ranking first in the Asian market. In the first three quarters of 2018, the business saw a growth rate of more than 20 percent.

The robust development of the children's wear business is a result of Semir's efforts to expand into the global market.

Four months ago, Balabala opened stores in Hong Kong and according to its plan, in the next three years, there will be 20 or 30 new stores in the Chinese special administrative region. "Hong Kong is not only a big market, but a pivotal city for Semir's global business," Qiu said.

In six countries involved in the Belt and Road Initiative, Balabala has launched nearly 20 stores so far. In countries including South Korea and France, the brand has design stations to boost brand promotion, talent recruitment, and design and research.

After the acquisition of Kidiliz in early October, Semir's children's wear business is expected to be more international and comprehensive.