Print

Mail

wiki links

Lane Crawford to open huge flagship store in Beijing

Hong Kong fashion retailer Lane Crawford said yesterday that it will open a three-story shop in Beijing to sell more than 600 designer brands such as Prada and Stella McCartney, tapping the growing demand for luxury goods in China.

The HK$300 million (US$38.3 million), 7,200m2 store will open in October, Lane Crawford president Jennifer Woo (吳宗恩) said at a press conference.

"With the ever increasing number of high net worth individuals and affluent customers supported by an aspirational market of approximately 4 million in Beijing, we believe there are exciting opportunities for Lane Crawford in this market," she said.

The number of affluent Chinese customers are growing by 19 percent a year, said Bonnie Brooks, president of Lane Crawford Joyce Group, the parent company of Lane Crawford owned by property tycoon Peter Woo (吳光正), who is chairman of Hong Kong-listed Wheelock and Wharf Holdings Ltd.

The parent company operates more than 450 stores in the Asian region, including 233 stores in China. It forecasts sales this year and next to exceed HK$7.8 billion.

"The customers in China, in terms of our experience, are more and more fashion-conscious," Brooks said.

The group will add 50 stores globally by the end of the year, boosting its network to 500 outlets in 17 countries.
This story has been viewed 1964 times.