Oriental Fraser stores to be set up in China
Sanpower Group Ltd of China, which has signed an agreement to buy a 89-percent stake in the 165-year-old British department store House of Fraser, says it will set up shops named Oriental Fraser in China.
“That benefits House of Fraser as the British market is growing slowly and limited,” says Yuan Yafei, founder and chairman of Sanpower Group. “I can bring them to China.”
On April 3, the Nanjing company, owner of Nanjing Xinjiekou department store, agreed on terms to take control of House of Fraser in a deal valuing the company at more than 450 million pounds ($745 million), including 250 million pounds of debt.
It is the biggest international retail acquisition deal by a Chinese company. (Photo 2)