Wong Kwong Yu, Founder and Chairman of Gome Appliances, announced that he has decided to enter fashion industry.
Wong has also collaborated with Bear Stearns', each of whom will invest US $250 million to promote potential domestic retailers.
Company also plans to set up trading centers to attract demand for Chinese fashion brands.
Wong Kwong Yu is largest electronics retailer and richest man in China.
By 2006 Gome operated 376 retail outlets across 112 cities, consistently ranking first in the electrical appliances and consumer electronic products retail industry in China.
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