Home / Knowledge / News / Apparel/Garments / Nanjing Cenbest completes acquisition of House of Fraser
Nanjing Cenbest completes acquisition of House of Fraser
03
Sep '14
Nanjing Xinjiekou Department Store Co., Ltd. (Nanjing Cenbest), a leading chain of Chinese department stores has completed the acquisition of the iconic House of Fraser, a UK and Ireland based retailer of fashion clothing.

Nanjing Cenbest which is a subsidiary of Sanpower Group said the deal was completed at an enterprise value of around £480 million.

Earlier on April 12, Nanjing Cenbest had signed a definitive agreement to acquire approximately 89% of Highland Group Holdings Ltd, the holding company of House of Fraser.

The remaining shareholding of approximately 11% of House of Fraser is currently held by West Coast Capital (Hofco) Limited, a subsidiary of the Sports Direct Group.

Nanjing Cenbest offered to acquire this shareholding on the same terms as the acquisition but no agreement was finalised.

Yuan Yafei, Chairman of Sanpower Group said, “It is the largest acquisition of a foreign retailer by a Chinese listed company. We are excited to tap the significant opportunities that House of Fraser has in China, where the brand has very strong growth potential.”

He added, “We are extremely confident House of Fraser will become a leading global department store and will serve as a bridge for premium brands between China and Europe.”

Don McCarthy, Retiring Chairman of House of Fraser said, “The acquisition by Nanjing Cenbest will move House of Fraser to the next stage of its development as a leading international, multi-channel retail group with a premium fashion offering”.

John King, CEO at House of Fraser said, “House of Fraser is starting a new and exciting chapter under new ownership, with shareholders who have plans to support the next exciting phase in the development of the business.

“We will be in contact with our brand partners shortly to outline our exciting plans to make House of Fraser a truly global multi-channel retailer”, he added. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 30th Apr 2016

Britain keen on new ventures in textiles and garment

British High Commissioner to India Sir Dominic Asquith, has said that ...

Apparel/Garments | On 30th Apr 2016

‘India’s apparel sector needs to revisit policies’

Apparel Export Promotion Council (AEPC)’s Additional Secretary...

Textiles | On 30th Apr 2016

Bangladesh spinners wary of another gas price hike

Bangladeshi cotton spinners have expressed concern that they may lose ...

Interviews View All

DK Nair
Confederation of Indian Textile Industry (CITI)

How do you see the ongoing changes and developments in the textile and...

Mr. H S Singha
ABH Biochem Pvt. Ltd.

What is the importance of textile chemicals in the textile industry?...

Narendra Somani
Modelama Exports Limited

What are the challenges faced by an exporter in terms of funding and...

Pierre Wiertz
EDANA

<i><b>Pierre Wiertz</b> talks about the vast world of sustainable...

Mr. Utkarsha Parikh
Skaps Industries India Pvt Ltd

Mr. Utkarsha N. Parikh is a 41 year old businessman who started his own...

Johan Berlin
InvestKonsult Sweden AB

<i><b>Investkonsult Sweden AB has been buying and selling second-hand...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search