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...
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