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Bailian teams up with partners to set up JV
Online Edition
Domestic department stores Bailian Group Co and Wangfujing Department Store said they've teamed up with supply chain management and retail company Li & Fung to set up a 48 million yuan(US$7.7 million) joint venture to tap growing domestic consumption demand.
The joint venture is expected to serve as a development platform for private labels and exclusive distributor for selected brands for both online and offline channels of Bailian Group and Wangfujing Department Store.
Bailian and Wangfujing will each take 40 percent of stake in the joint venture while Li & Fung will have 20 percent stake, according to a joint statement today.
The joint venture will be located in the Shanghai (China) Pilot Free Trade Zone.
The three parties aim to leverage each other's advantage in terms of global sourcing and logistics, retail and brand management.
They are aiming to open 300 offline stores with 1 billion yuan sales within three years.
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