Cayman Tung Ling Co Ltd (東凌), which sells baby clothes and infant products in China, on Saturday opened its first family restaurant in Shanghai, which it said marked a first step in a three-year transformation plan.
Cayman Tung Lin expected same-store sales to reach 1.5 million yuan per month, company vice president Hsu Yung-jung (許永融) said in a statement.
The company has spent 4.5 million yuan (US$682,614.77) to open the restaurant, which also operates under the Piyo CASA brand.
Hsu said Cayman Tung Ling hopes to transform the brand by expanding into businesses beyond baby and infant products, in a bid to differentiate the company from its Chinese competitors.
The company plans to open 10 more family restaurants in China over the next three years.
Apart from entering the restaurant business, the company said it also plans to tap into the emerging postpartum-care sector in China over next few years.
The company plans to build its first luxury postpartum-care center, where women can recover from childbirth, in Jiangsu Province, China, by the end of this year.
The center is to begin operations in 2019 at the earliest, the company said.
Cayman Tung Ling, which entered the Chinese market in 2002, swung into the red in the first half of this year, which it said was due to fierce market competition.
The firm — which sells various clothing brands, led by lead brand Piyo Piyo — posted a net loss of NT$26.75 million for the first six months of this year, compared with net profit of NT$369,000 during the same period last year.
That represented a loss of NT$0.79 per share, down from earnings per share of NT$0.01 a year earlier, according to a company filing with the Taiwan Stock Exchange.
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