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

Uzbekistan, S Korea to launch textile techno park in Sept

Textiles | On 19th Feb 2018

Uzbekistan, S Korea to launch textile techno park in Sept

Uzbekistan and South Korea plan to launch a modern textile techno...

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

Textiles | On 19th Feb 2018

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

The largest global spandex producer Hyosung Corporation of South...

Courtesy: VF Corporation

Apparel/Garments | On 19th Feb 2018

VF Corp Q4 revenue climbs 20% to $3.6 billion

The revenue of VF Corporation, a global leader in branded lifestyle...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search