Galeries Lafayette returns to China
After 15 years, French department store Galeries Lafayette is returning to China, opening in Beijing.
Galeries Lafayette’s new Beijing store is located in the Xidan commercial district and has 47,000 sqm of space over six floors.
The department store, which offers more than 500 brands, 200 of them new to China, also houses Chinese and French restaurants.
Galeries Lafayette opened its first China store in Beijing in 1998, but closed it shortly after due to the poor demand for luxury goods back then.
Last year, it formed a 50-50 joint venture with Hong Kong based fashion company IT to make its China comeback.
The partners say that if the department store is successful this time, they will roll out 14 more department stores in five years.
Galeries Lafayette is optimistic this time after a record annual turnover for the last 10 years, half of which come from Asia.