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House of Fraser to enter China with new stores in 2016

RBR Staff Writer Published 22 April 2015

British department store chain House of Fraser will make its foray into China in 2016 riding on the back of record sales for the last financial year.

House of Fraser

The like-for like sales of the retailer increased by 5.8% to £1.3bn. This growth was driven by the company's strong online presence.

House of Fraser has witnessed 2.2% increase in store sales and posted 32% rise in online sales.

Commenting on the record sales, House of Fraser CEO Nigel Oddy said: 'We are pleased to report another year of record sales and gross profit and a further improvement in the group's earnings.

"We are very excited by the future as we embark on the next phase of growth both in the UK and internationally."

The proposed stores will be opened in Nanjing, Chongqing and Xuzhou.

In addition, the retailer plans to begin online trading in China and Australia in 2016.

House of Fraser currently has 60 stores across Britain and Ireland and one in Abu Dhabi. It also intends to open a second franchise store in Abu Dhabi in the near future.

Last year, Chinese conglomerate Sanppower acquired a majority stake in the retailer for £480m.

Image: House of Fraser store in Victoria Square, Belfast, Northern Ireland. Photo: courtesy of Ardfern / Wikipedia.