Yuan Yafei, chairman of Sanpower Group, the largest shareholder of Nanjing Cenbest, said he was “delighted” to complete the purchase of House of Fraser on Tuesday, adding: “It is an unprecedented transaction and the largest acquisition of a foreign retailer by a Chinese listed company."
It was announced on Friday that Nanjing Xinjiekou Department Store were to add $245 million to wholly-own subsidiary Cenbest – in order to pay for its 89 per cent of Highland Group Holdings of England as well as other overseas acquisitions.
A new study from PricewaterhouseCoopers finds only 22 per cent of the chief executives it interviewed believed improving their website and online offering would have a direct impact on their business.
Tesco has paired up with House of Fraser to sell the department store’s products through the Tesco Direct website as it looks to expand its online offering and counteract falling sales.
House of Fraser has wasted little time setting out expansion plans following its recent takeover by Chinese business tycoon Yuan Yafei.
A surge in online sales helped House of Fraser reach record gross profits last year, as the department store retailer prepares for its sale to China’s Sanpower.
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