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How a New Chinese Startup Found a Home in the U.S.

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Textiles retailer Damanganga has decided to open a second store in the United States in hopes of growing its market share in the industry.

The two stores will be located in the Chicago area, according to a company press release. 

The company has partnered with Home Depot to help sell home textile items at one of the two stores. 

“Damanganga is looking to expand its business globally and this acquisition brings us closer to our goal of building a global home textil business,” Damangagi co-founder and chief executive officer Lin Yuan said in a statement. 

Damangagi is owned by Chinese conglomerate Haoqi Group, which is one of China’s largest conglomerates.

The company is also part of a Chinese consortium that recently purchased a majority stake in Haoqian Group. 

Both the stores will have a selection of textiles and clothing, as well as home furnishings, appliances, home furnishments accessories, and household products. 

According to the company, the two locations will provide customers with a variety of products, including home textils, home apparel, and home furnishables. 

Haoqi owns about 70% of the company. 

This is the latest in a string of acquisitions by Chinese companies that have been seen as efforts to expand into the U-S.

home textiling market.

Last year, the Chinese conglomerate Jiaotong Group bought the home textiled goods division of home-improvement retailer Urban Outfitters for $1.8 billion. 

In 2015, Home Depot agreed to buy Home Textile for $2.7 billion.

In August, Jiaotsong acquired home textilers company Suntech, which sells fabric-based home textilings.

Sponsorship Levels and Benefits

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