Fashion
UK department store retailer House of Fraser has confirmed it will open three stores in China.
The first will be in Nanjing, the home of House of Fraser’s Chinese owners Sanpower after its £489 million buyout of 89 per cent last September.
The second store will be in Chongqing and the third in Xuzhou, which is scheduled to open in 2017.
A second franchised store is also planned for Abu Dhabi.
House of Fraser revealed record annual profits this week, driven by a 32 per cent increase in online sales and like for like sales up 5.8 per cent to £1.3billion. It reported a record gross profit of £460.2 million. Own brand sales – for Linea and Army & Navy – rose 10 per cent.
House of Fraser chief Nigel Oddy said the company is excited about its future prospects as it embarks on its next phase of growth internationally.
Oddy joined House of Fraser in february after a career with Marks & Spencer which included a term as head of its retail operations in Hong Kong and involvement in buying, giving him extensive knowledge of greater China.
