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Magazines Archives - 2008 January
Paris-based Galeries Lafayette goes to
China
Story 11
GALERIES LAFAYETTE, upmarket
fashion group of Paris-based retailer Groupe Galeries Lafayette,
is planning to enter China via a joint venture with Hong
Kongbased fashion retail company IT Ltd. Under a nine-month
agreement signed last month, IT will hold the majority stake in
the joint venture and manage the stores in China. The first
outlet is expected to be set up in either Beijing or Macau.
IT Ltd managing director William Lo said
that the joint venture ties in with the Hong Kong group’s three-year
target to increase its presence in China by three-fold. “We will continue
to look for new opportunities to grow our business and to return value to
our shareholders and stakeholders,” he added. |
