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.