Ori­en­tal Fraser stores to be set up in China

China Daily (Canada) - - NEWSCAPSULE -

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)

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