House of Fraser China closer to debut
In this article (5)
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.
Questions & Answers
Q.Which Chinese city will host the first House of Fraser store?
Which Chinese city will host the first House of Fraser store?
The first House of Fraser store in China will open in Nanjing. This city is the home of House of Fraser's Chinese owners, Sanpower, who completed an 89 per cent buyout last September.
Q.What was the main driver behind House of Fraser's record annual profits?
What was the main driver behind House of Fraser's record annual profits?
The record annual profits were primarily driven by a substantial 32 per cent increase in online sales. The company also saw like-for-like sales rise by 5.8 per cent to £1.3 billion.
Q.How will Nigel Oddy's past experience benefit House of Fraser's expansion into China?
How will Nigel Oddy's past experience benefit House of Fraser's expansion into China?
Nigel Oddy's previous career at Marks & Spencer included heading retail operations in Hong Kong and involvement in buying. This experience gives him extensive knowledge of greater China, which should aid the expansion.
Q.When is the House of Fraser store in Xuzhou scheduled to open?
When is the House of Fraser store in Xuzhou scheduled to open?
The House of Fraser store in Xuzhou, one of the three planned for China, is scheduled to open in 2017. The article does not specify an exact date within that year.
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