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

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search