Shin Kong Mitsukoshi Department Stores (
"The joint venture plan with FNAC Taiwan is in the final stage ? we are waiting for FNAC head office to give final confirmation," said Shauna Lee (李香萩), an assistant manager at Shin Kong Mitsukoshi.
The company plans to hold a press conference on Tuesday to discuss the details, she said.
The deal is expected to give Shin Kong Mitsukoshi control of FNAC Taiwan, according to Lee.
FNAC, a major European retailer of electronics, books, CDs and videos, opened its first store in France in 1957 and has 60 outlets in 33 counties.
In July 1999, FNAC chose Taiwan as its first foothold in Asia, establishing its pilot store in Taipei's Asiaworld complex.
In December 2001 the company opened its second outlet near the Taipei Railway Station.
"Since our general manager is now in France discussing the deal with head office officials, I am not authorized to make any further comments," Josephine Liu (
According to the Ministry of Economic Affairs' commerce department, Shin Kong Mitsukoshi and FNAC Taiwan registered a new company -- FNAC Taiwan Co Ltd (
The venture's was capitalized at NT$2.5 million, of which Shin Kong Mitsukoshi owns 60 percent of shares and FNAC holds the remaining 40 percent, the Chinese-language media reported late last week.
Wu Tung-hsing (吳東興), chairman of Shin Kong Mitsukoshi Department Stores, will serve as chairman of the new venture, while FNAC Taiwan's country manager Yves Lagier will retain his position, the report said.
Slow sales have forced FNAC Taiwan to look for financial support locally.
It has remained in the red ever since it opened, spending significant amounts of its initial NT$60 million investment on brand build-ing, the report said.
FNAC Taiwan spent nearly two-thirds of the NT$60 million investment, the report said.
Meanwhile, Shin Kong Mitsukoshi expects to expand its product range after the deal with FNAC is complete.
"We will soon set up FNAC outlets in our department stores in Taipei, Taichung and Tainan," Lee said.
Shin Kong Mitsukoshi operates 10 department stores around the country and registered NT$35 billion in sales in 2001.
Rather than setting up new stores, this year Shin Kong Mitsukoshi is more interested in adding entertainment features to its existing facilities, including movies, books and consumer electronics, Lee said.
"We plan to transform our department stores into more shopping mall-like facilities," she said.
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