China’s Wangfujing Group acquires Hainan Outlets Tourism Development
What: The Wangfujing Group is set to spend USD134 million to buy the outlet business outright, paying USD24 million in cash and assuming USD116 million due in shareholder debt and interest.
Why is it important: The Hainan Outlets Tourism Development business was listed for sale by its former owner Juyuan Xincheng, , after suffering a loss of USD4.5 million last year on a turnover of about $USD10 million.
The investment marks Wangfujing Group’s entry into the travel retail and duty-free sector. The company was granted a duty-free licence in June 2020 but has yet to use it.
China’s Wangfujing Group acquires Hainan Outlets Tourism Development
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