WASHINGTON, DC, September 30, 2011
/24-7PressRelease/ -- Cupid Nicaragua, a U.S. apparel manufacturing company specialized women's underwear and sportswear in general, is currently investing up to US$24 million in the expansion of its operations in Nicaragua through the construction of three new industrial facilities. Located in Industrial Park Las Palmeras, the new facilities will have a total area of 30,000m2 and employ approximately 2,700 people.
The announcement was done by Mr. David Welsh and his wife, owners of the company, during the inauguration of the second facility. Cupid initially started operations in Nicaragua back in 1995 and has been continuously growing due to the favorable business conditions the country has offered.
A recent study by O'Rourke Group Partners found Nicaragua to be the single most competitive option for sourcing numerous apparel products, not just in this hemisphere, but in some cases also compared to China, Vietnam and Bangladesh. Some of the factors contributing to the country's competitiveness include its low costs, educated labor pool, improving labor productivity, consistent quality, excellent free trade zone system and speed-to-market performance.
Some of the company's most important brands include Naomi & Nicole, Miraclesuit, Cupid and Under Armour. Additionally, the company's products are sold at renowned retail stores such as Sears, Wal-Mart, JC Penney, Dillard's, Nordstrom and Macy's.
During the first semester of 2011, Nicaragua was the Central American country with the highest growth in apparel exports (in terms of volume) to the United States, when compared to the same period last year. According to information from the Office of Textiles & Apparel (OTEXA) of the U.S. Department of Commerce, during the first half of 2011 Nicaraguan apparel exports to the U.S. grew by 22 percent in terms of volume, reaching 202 million square meter equivalents (SME), and jumped 27 percent in terms of value, up to US$586 million.
PRONicaragua is the Nicaraguan Investment Promotion Agency, established in 2002. It is a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. The agency provides complimentary support services to qualified investors seeking investment opportunities in our country. For further information, please contact us at (505) 2270-6400 or
http://pronicaragua.org.
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