HOF to foray into China by next year
British department store chain House of Fraser (HOF) lately announced its plans to make China entry with the launch of its first three stores by next year. Last year, Nanjing Cenbest, a subsidiary of China Sanpower Group bought this department store chain. Apart from that, £150 million will be invested for revamping the brand’s stores in UK and developing its online operations.
Nigel Oddy, Chief Executive, HOF said, “We are certain that due to the group’s business model, our premium brand positioning and strong multi-channel operation, we will continue to grow and develop in future. We are very excited as we begin the next phase of growth in the UK and internationally.”
HOF, one of the premium chains of department stores came into existence way back in 1849 when its founders Hugh Fraser and James Arthur opened a drapery shop in Glasgow. In 1942, business branched out in different regions of the UK, leading to the formation of House of Fraser Ltd. Through a portfolio of well-invested stores in high footfall shopping centres and high street locations across the UK and Ireland, HOF has been rapidly growing since its inception.