Partners to focus on private labels
Print Edition
BAILIAN Group Co and Wangfujing Department Store said they set up a 48 million yuan (US$7.7 million) joint venture with supply chain management and retail company Li & Fung Trading (China) Holding Ltd.
The two stores will each take a 40 percent stake in the joint venture, Shanghai BaiFuLi Co, with Li & Fung holding the remaining 20 percent, said a joint statement yesterday.
Bailian and Wangfujing will each appoint two directors to the board, and Li & Fung will have one representative.
The joint venture will be set up in the Shanghai (China) Pilot Free Trade Zone.
The three partners aim to leverage each other’s advantage in global sourcing and logistics as well as retail and brand management. They will concentrate on building private labels in men’s ware, infant and children’s products and household items.
“We’re aiming to win back consumers with high quality private labels and by offering them quality shopping experience and service,” Chairman Chen Xiaohong of Bailian Group said in Shanghai yesterday.
Liu Bing, chairman of Wangfujing Department Store, described the focus on private labels “as a major step in shifting our business model.”
There are plans to open 300 offline stores to target 1 billion yuan in sales within three years.
The venture will also be an exclusive distributor for selected external brands for both online and offline channels of Bailian Group and Wangfujing Department Store on China’s mainland.
Wangfujing will take charge of operations in north China while Bailian Group will oversee new store openings in the south of the country.
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