Chinese conglomerate Sanpower has agreed to buy a majority stake in British department store House of Fraser in a deal worth pound 480 million ($800), according to a joint statement.
Sanpower, a Nanjing-based conglomerate listed on the Shanghai Stock Exchange, will acquire an 89 per cent stake in the 165-year-old British brand through its Nanjing Cenbest subsidiary.
Sanpower's founder and chairman, Yuan Yafei, said the deal was the largest overseas acquisition in the retail sector by a Chinese business, and a “landmark transaction”.
He expressed his intention to expand House of Fraser overseas, particularly in China. The group currently has 60 stores across
Britain and Ireland and one in Abu Dhabi.
“House of Fraser is a strong and iconic heritage brand in the UK and abroad, with exceptional fashion credentials,” the 49-year-old Chinese businessman said.
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