(Yicai Global) Oct. 12 -- Chinese footwear brand operator Saturday Co. [SHE:002291] will set up an online microloan firm to help satisfy the financial needs of fashion consumers, the company said in a press briefing yesterday.

Saturday will take a 51-percent stake in the lender through a CNY153-million (USD23.2-million) capital contribution.

An asset management company and an individual investor will hold a 39-percent stake and the remaining 10 percent, respectively.

Offering online microloan services can boost sales, improve customer loyalty and meet financing needs of upstream and downstream clients along the industrial chain, Saturday said.