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Galaries Lafayette opens its first store in China
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French retailer Galaries Lafayette said it plans to open more stores in China in the next few years to cash in on Chinese consumers' growing appetite for high fashion.
The company today opened its first store in China and its fifth overseas. The 42-million-euro (US$56 million) Beijing store is Galaries Lafayette’s second largest after its flagship store in Paris.
Galaries Lafayette is operating the store through a 50-50 joint venture with Hong Kong's I.T Limited.
"We're satisfied with the performance of the Beijing store since its soft opening at the end of September and we're confident its success will repeat with additional openings in China," said Nicolas Houzé, chief executive officer of Galaries Lafayette's Department Store Division.
"We're discussing expansion plans and hope to better understand the local markets in several other domestic cities," said Laurent Chemla, CEO of Galaries Lafayette China.
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