Yuan Yafei, the chairman of Sanpower, plans to bring House of Fraser to Russia and the Middle East following his company’s takeover of the UK department store last month – the largest foreign retail deal to date by a Chinese buyer.
The Chinese tycoon said he would open a flagship “Oriental Fraser” store in Nanjing next year, four franchise stores in Russia and two in Abu Dhabi over the next two to three years.
When Sanpower, a retail-to-property group, bought 89 per cent of House of Fraser, it marked the latest example of a Chinese company seeking a global foothold. Chinese retailers are hoping to target both non-Chinese consumers and the rapidly growing number of Chinese tourists going overseas.
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