One foundation, two goals

Zhuang Lyuyi, director of the buyers' team for The Balancing, said the store represented a ground-breaking milestone for China's fashion industry.

"This is the first time in China an all-Chinese buyers' team is financed by a Chinese company," said Zhuang, who previously worked for Lane Crawford and Italian multi-brand store chain 10 Corso Como in China as a buyer.

She added that the store managed to hit the industry average for sales per square meter within just two months of opening.

"The biggest advantage we have over the big players is our intimate knowledge of local customers and their preferences," said Zhuang.

This success prompted the group to open a second store in Pudong after less than six months. A third store is expected to be launched in August. Zhuang noted that each store would stock a wide range of fashion and lifestyle products from up to 200 brands.