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 28th May 2016

US to rethink on inclusion of Indian PET in GSP

With the US set to rethink the inclusion of polyethylene...

Textiles | On 28th May 2016

China’s textile exports marginally down in Jan-April

The exports of textiles and apparel from China dropped marginally...

Textiles | On 28th May 2016

MMF sector seeks anti-dumping duty on Chinese fabrics

Reeling under the impact of cheap Chinese fabrics, Surat’s textile...

Interviews View All

Smita Murarka
Amanté

Which fabrics will be in trend for lingerie in 2017? What aspects are...

Anvita Mehra
Confidential Couture

At what rate is the luxury products market growing in India? How are...

Evelyne Cholet
UCMTF

Which regions are the largest importers of French textile machines? What...

Ashok Desai
Bombay Textile Research Association

<b><i>Bombay Textile Research Association (BTRA) is a leading name in...

Iago Castro Asensio
RCfil Distribuciones S.L.

<b><i>Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Jay Ramrakhiani
Occasions Elegance Wear

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

Robert Brunner
Devereux

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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
May 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search