French high end department store, Galeries Lafayette has announced that it will open its first store in China by the end of 2014. The store which will be located in Beijing will be operated as a 50-50 joint venture between the French company and the Hong Kong-based fashion retailer I.T., which is investing $19.35 million in the project. Galeries Lafayette has also announced further to open stores in other major Chinese cities such as Shanghai, Shnenzen and Chengdu.
The high end department store The upscale French department store, already has 60 locations in Germany, Dubai, and France, and now aims to cut their slice of proftis from the booming Chinese market. According to consulting firm PWC, Mainland China is forecast to become the world's top buyer of luxury goods by 2015.
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