House of Fraser could open up to 50 stores in China after Sanpower saleMonday, 14th April 2014

House of Fraser could open as many as 50 stores in China following its sale to Chinese conglomerate Sanpower.

Sanpower, which also owns China’s oldest department store, Nanjing Xinjiekou, revealed earlier this month that it was buying an 89 per cent stake in House of Fraser in a deal that gives the company an enterprise value of around £480 million. The supergroup is expected to make a more detailed statement about its acquisition on the Shanghai Stock Exchange this morning.

An initial 20 stores are already planned for House of Fraser’s potential Chinese expansion, although this could rise to as many as 50. According to the Telegraph, the company is also thought to be considering the name “Oriental Fraser” for the new stores.

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