Galeries Lafayette forms a joint venture with Hopson Group to initiate a new deployment phase in China
What: Galeries Lafayette is scaling up its ambitions for the Chinese market, forming a joint venture with Hopson Group, a major listed property firm in south-eastern China.
Why it is important: The alliance will accelerate the roll-out of the Galeries Lafayette brand in China, with plans to open 10 new stores by 2025 and strengthen the group’s digital presence as part of an omnichannel approach.
As China gradually reopens, Galeries Lafayette is initiating a new phase in its Chinese growth through this strategic partnership. The partnership will come into effect over the next few weeks, with both parties holding equal shares and voting rights in the joint venture.
Collaboratively, the two partners will explore a new model for the development of China’s high-end retail industry, creating a major retailer that is capable of responding to generational trends and has the strong potential for growth in domestic consumption between now and 2030.
Galeries Lafayette will leverage Hopson Group’s property portfolio, expertise in high-end urban complexities and shopping centres, and its knowledge of the Chinese market while the Hopson Group can benefit from Galeries Lafayette’s strong identity and fashion and luxury expertise.
The group is celebrating the 10-year anniversary of its Beijing store, with plans to open three more locations in Shenzhen, Chongqing, and Macau this year.