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8 Apr

Galeries Lafayette Forms Joint Enterprise With China’s Hopson Group

SHANGHAI — Galeries Lafayette, the French department store chain with three stores in China, is able to scale up with a three way partnership with Hong Kong-listed real estate operator Hopson Group.

Under the terms of the agreement, Galeries Lafayette will open a complete of three recent stores this yr, in Shenzhen, Chongqing and Macau, with a goal of reaching 10 stores by 2025, it said in a press release on Thursday.

The deal marks the tip of Galeries Lafayette’s decade-long partnership with Hong Kong retailer I.T, which began with a Beijing store that opened in 2013 and a Shanghai location 4 years later.

Hopson Group will take over the I.T-operated stores starting this month, but I.T will proceed to operate shops-in-shop for around 10 brands including Comme des Garçons, Simone Rocha, Off-White and Palm Angels inside Galeries Lafayette’s Shanghai and Beijing stores.

Galeries Lafayette and Hopson Group will hold equal shares and voting rights within the three way partnership. In keeping with Galeries Lafayette, the strategic partnership will grow to be effective over the subsequent few weeks.

The French retailer will find a way to leverage Hopson Group’s property portfolio that spans high-end urban complexes and shopping centers, in addition to “its profound knowledge of the Chinese market,” the statement said.

“Our group has at all times enjoyed close and unique ties with China,” said Nicolas Houzé, chief executive officer of Galeries Lafayette and BHV Marais.

“This partnership illustrates our shared ambition of accelerating the roll-out of our brand and creating a serious retailer able to responding to generational trends and the strong potential for growth in domestic consumption between now and 2030,” he added.

Lucas Loh, copresident of Hopson Development Holdings Ltd., co-chairman and president of Hopson Industrial Group and president of Hopson Real Estate, said the partnership will help Hopson “enhance our brand connotation in recent consumer areas.”

At the tip of last yr, Hopson launched Moho Mall, its first high-end retail shopping mall on the outskirts of downtown Shanghai.

“Consumers can benefit from the original French shopping experience but additionally benefit from the modern [Asian] culture and unique local services,” Loh added.

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