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Galeries Lafayette’s Billion Euro China Plan

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Galeries Lafayette’s Billion Euro China Plan

SHANGHAI – Galeries Lafayette believes its China operations can become a one billion euro business and the French retailer aims to have ten stores across the nation by 2025, including a new store here that soft opened Saturday and a Beijing unit.
Chief executive officer Nicolas Houzé was touring the company’s newest store in Pudong, a five-story, 270,000-square-foot space situated in the recently developed L+Mall. The store is the second Galeries Lafayette in China after its first foray into the market with a Beijing unit in 2013 as part of a 50:50 venture with I.T Group.
“We are targeting around 10 stores in China and we think that we could reach the one billion euro turnover for China, which will make it the biggest country [sales-wise] after France,” Houzé told WWD.
By 2025, the retailer plans to open in some of the fastest-growing cities in China, with the brand currently looking at opportunities in Guangzhou, Xiamen, Suzhou, and Chongqing, although plans have yet to be finalized.
“We are looking at, of course, the biggest cities, but not only. We are also looking for a different kind of concept. We have opened in Beijing a very large store, it is a 40,000-square meter [430,000-square-foot] store. This

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