PHI Invests in Chinese Towel Plant
October 17, 2005,
New York — PHI has made a 50 percent investment in a Chinese towel factory in the Shandong province of China called Laiwu.
According to Mark Grand, PHI's CEO, the partnership allows the company to bring its “design resources and talent to their towel capabilities.”
Grand continued, “We will help them position their products in the U.S. market. By offering another major product category, we can become even more important to our customers.”
In addition, PHI has forged a relationship with Dianne Morris of Bay Linens. Morris will design bedding for PHI targeting better department and specialty stores in the $199 to $249 price range. Six designs are being shown at market to select retail accounts.
“For our company, it's a growth vehicle in better retailers, and it's an opportunity for her to get a more mainstream audience and distribution for her designs,” explained Grand.