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Magazines Archives - 2011 November

Toys “R” Us to take over Asia operations
Story 6 - News

US-BASED Toys “R” Us Inc has announced a joint venture with Hong Kong-based Li & Fung Retailing Limited, to take on a majority stake in the toy retailer’s existing licensed stores across Asia, with the option to acquire the remaining stake in the venture.

The 70:30 deal will see 90 stores in Asia, namely in Thailand, Malaysia, Singapore, China, Hong Kong, Taiwan and Brunei, managed directly by the company, while its remaining 14 stores in the Philippines and Macau continue to operate under a licence arrangement.

“Li & Fung has been a terrific partner in establishing and growing the Toys “R” Us brand in Asia, and we are pleased to continue our work with them as we enter this exciting next phase of our business development there,” stated Gerald Storch, Toys “R” Us’ chairman and CEO.

Noting that international growth remains “a key part of our long-term business strategy”, Storch continued: “We believe there is significant growth opportunities for our company in this region, and we look forward to an aggressive expansion of our business in both existing and new Asian markets, including northern China.”

The company’s current president and CEO for Japan, Monika Merz, will take over as president for Asia, and will further develop the company’s operations across the seven markets.

Additionally, Pieter Schats, previously CEO of Toys LiFung (Asia) Limited, who oversaw operations of Toys “R” Us stores in Asia, will become managing director for Toys “R” Us, Southeast Asia and Greater China, and will extend the company’s support to licensed stores in the Philippines and Macau, on top of the seven markets that the company has acquired in the region.

Said Li & Fung Group’s chairman, Dr Victor K Fung: “We are pleased to return to the joint-venture arrangement with Toys “R” Us and are anticipating the next phase of business growth. The new agreement will enable us to expand into additional geographies such as northern China.”

Li & Fung has established over 100 Toys “R” Us stores throughout Asia in the past 25 years, opening its first jointventure Toys “R” Us store in Hong Kong in 1986, which was later converted to a licensed business. ra

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2011 Nov Stories:

Holiday shopping fazed by global economic malaise
Part 2: What will keep Asian retailers’ cash registers ringing this year?

RETAIL ASIA hosts award gala to salute region’s ‘most successful, dominant and iconic’ retailers

Robust tourism industry boost FHM 2011


FLAsia 2011 sees record number of exhibitors

Toys “R” Us to take over Asia operations

Zara makes its Asian online shopping debut in Japan

Russia’s VIPodium takes in-store and online shopping to a ‘virtual’ level

CapitaMalls marks entry to Suzhou with US$1-billion mall-office complex

Logwin boosts support for fashion logistics in Asia

Global Food Safety initiative launched at APEC Forum in Honolulu

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