Swedish clothing company J Lindeberg is setting its eyes on China, declaring plans to open 50 stores this year and next.

The China stores are aimed at generating a turnover that would represent half of the company’s total sales by 2014 or 2015, says CEO Stefan Engstrom.

J Lindeberg’s turnover has  risen from 260 million Swedish kronor (US$38.31 million) in 2010 to 300 million Swedish kronor (around US$43 million) last year. The company expects to yield 400 million Swedish kronor (US$58.94 million) turnover this year.

The company is owned by Danes Allan Warburg, Dan Friis and Anders Holch Povlsen, who purchased J Lindeberg for an unknown sum in August 2011 from Robert Weil’s investment company Proventus.

Holch Povlsen is the owner and CEO of Danish fashion company Bestseller, primarily known for brands Vero Moda, Jack & Jones, Only, Rest and Selected.

The Danish trio started the company Bestseller Fashion Group China. According to the website, the company operates over 5100 stores in 300 cities in China, mainly under the Only, Vero Moda and Jack & Jones.

“Our principal owner has been on the Chinese market since the mid 1990s and are extremely successful there. Now we see a gap in the market for J Lindeberg,” said Engstorm.

“There are a lot of super-luxury brands like Gucci and Prada in China. Then there are many chains like H&M. But there is not much in between.”

In April this year, J Lindeberg opened its first southeast Asia store in Singapore.

J Lindeberg was founded in 1996 by fashion designer Johan Lindeberg. The company’s main collection, golf and ski collection are sold in more than 30 countries worldwide.

GB