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Paul Smith to open 25 China stores

English fashion designer Paul Smith plans to open 25 stores in China.

The plan is part of a strategy to expand business internationally to offset sluggish business in Europe.

“One third of our business is Europe-based. The euro crisis hurt us in wholesale and retail,” said MD John Morley.

This year, it says, has been tough as its pre-tax profit dropped from £31.7 million to £23.8 million.

“Greece, Spain and Italy have been tough and then, suddenly after the French election, confidence there just drained away like a switch was flipped, and of course the overheads keep going up,” he said.

Apart from China, Paul Smith also plans opening stores in Germany and Panama.

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