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| Keeping Up with Market Trends and Pioneering Innovation |
HONG KONG, May 25, 2022 - (ACN Newswire) - Regina Miracle International (Holdings) Limited ("Regina Miracle" or the "Company", together with its subsidiaries the "Group") (stock code: 2199), a leading global innovative design manufacturer ("IDM") of intimate wear, is pleased to announce that the Group has entered into a strategic partnership with Zhejiang Tmall Technology Co., Ltd. ("Tmall"), a subsidiary of Alibaba Group (stock code: 9988), to establish T-LAB, a digital production and research laboratory in the Tmall Innovation Center ("TMIC").
 | | Regina Miracle and Tmall enters into a strategic partnership |
 | | Regina Miracle and Tmall jointly establishes the T-LAB |
T-LAB is not only a part of the digital transformation and upgrades effort of Regina Miracle, but also a useful exploration of the application of digital technology in the manufacturing industry by Tmall. As a global leader in the intimate wear industry, the Group has established long-term and stable partnerships with leading international brands as well as many local Chinese brands. In addition, the Group continues to innovate its core technologies and build solid technical barriers, with the ownership of more than 100 international patents. The strategic partnership is expected to enable Regina Miracle to further develop forward-looking technologies and new fabrics based on Tmall's consumer insights.
On the other hand, TMIC has been well involved in the upstream and downstream of the industrial chain and has collaborated with 150 corporations and 2,000 brands worldwide, including well-known chemical raw material manufacturers and consumer brands, on C2B product innovation, over the past five years of development. Tmall will apply Regina Miracle's innovative patents and technologies to new products and categories of brands and merchants, which will, in turn, accelerate their commercialization. At the same time, both parties will leverage Regina Miracle's expertise in ergonomics as a trendsetting direction so as to establish a new benchmark for the industry.
Ms. Zhixi, Head of Intimate Apparel of Tmall said: "The market size of intimate wear in China is estimated to grow into hundreds of billions of dollars in four development stages, with the first stage being for mature brands to embrace e-commerce channels. The second stage is the growth of new brands, and in just five years, new brands valued at more than US$2 billion have emerged on Tmall. The third stage is the development period of vertical sub-categories and high-value brands; and entering the fourth stage, online and offline, the upstream and downstream of the industrial chain will be deeply integrated. At present, the industry is at the second and third stages of development."
Ms. Tianqi, Head of Tmall Innovation Center (TMIC), added: "For brands, Tmall is not only a sales channel but also a hub to gain consumer insights. The value of Tmall's TMIC is to enable brands to apply digital technology to better understand consumers and their needs."
Mr. Hung Yau Lit, Chairman, CEO, and Executive Director of Regina Miracle, said, "In today's business environment, all innovation should be driven by consumer demand, which is exactly why we are partnering with TMIC for intimate wear. As green, eco-friendly, and healthy lifestyles become the trend, consumers are demanding higher functionality and quality from products. At the same time, Chinese women's demand for intimate wear is becoming increasingly sophisticated and diversified, and the subdivision of new products has brought new development opportunities for the market. We believe that the cooperation with TMIC will not only facilitate a better understanding of consumers but also lead to an all-win situation through the creation of market-leading products for our brand partners."
Established in 2017, TMIC, with deep insights in consumption habits, target groups, and demands, has developed a series of digital tools and products to aid the research and development (R&D) of new products for different brands. TMIC has transformed the traditional R&D model (lab-designer-consumer) into a C2B innovation model, which places greater emphasis on consumer demand, significantly improving the success rate and efficiency of new products. Going forward, TMIC will continue to upgrade its four core capabilities of cutting-edge trend discovery, consumer demand insights, industry innovation, and digital creativity acceleration, so as to improve the efficiency of new product research and development.
About Regina Miracle International (Holdings) Limited
Founded in Hong Kong in 1998, Regina Miracle International (Holdings) Limited is a global leader in the intimate wear manufacturing industry. Adopting the innovative design manufacturer ("IDM") business model, Regina Miracle offers its world-renowned brand partners diverse products, including intimate wear, sports products, consumer electronics components, bra pads and moulded products, footwear and fabric masks. The Group has two strategic strongholds - its R&D and production base in Shenzhen, China, and a major production base in Vietnam, where the Group has expanded its production capacity since 2016.
Topic: Press release summary
Source: Regina Miracle International (Holdings) Limited
Sectors: Fashion & Apparel
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From the Asia Corporate News Network
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