Fri, November 26, 2010
French department store Galeries Lafayette is to open up to 15 new stores in China.
The move comes after the retailer finalised a deal with the Hong Kong based fashion group I.T. Ltd.
Galeries Lafayette has also signed a lease agreement with a Chinese property firm.
The Chief Executive of the upmarket store expects annual sales of between 40 and 50 million euros at each of the Chinese mainland shops.
The retailer is expanding globally to offset a weak consumer market in France.
(Source: Reuters)
