Mybudapester.com expands to China

German online shoe retailer Mybudapester.com is expanding and is starting its move into the Asian market with four employees and its own office in Beijing. With its presence in China, the retailer wants to advance its business in Asia's booming luxury market. The next step will be the launch of an online shop in China at the end of this year.

"Our new location in China is an important milestone in the history of our company," explained Matthias Nebus, Mybudapester.com co-founder, in a press release published on Tuesday. "We are reacting promptly to the boom in the luxury segment and are at least one step ahead of our competitors."

According to the shoe retailer, the translation of the website, the shop and all the company-relevant content into Mandarin is complete. In the coming months, additional employees will be recruited for the team located in China. Mybudapester.com will also be looking for cooperations with partners and Asian investors.

According to a recent study by Bain & Company, China has established itself in the international luxury business with its tremendous purchasing power. The forecasts for the Chinese market are still better than good, since the Asian consumers' desire to buy appears to be unchecked. The growing middle class from countries like Vietnam and Indonesia has a significant influence on the booming luxury business.

Managing director and shareholder Andreas Schläwicke took over the German shoe company Budapester 25 years ago and expanded it into a multi brand store. Since July 2015, the company also operates the mybudapester.com online shop, which currently offers shoes, bags and accessories from more than 100 designer labels, among them Gucci, Balenciaga, Jimmy Choo, Chloé, Santoni, Crockett & Jones and Heinrich Dinkelacker. The company delivers worldwide and plans to double its turnover in 2019 to 20 million euros.

Photo: Mybudapester.com website