Galeries Lafayette returns to China after 15 years
French department store operator opens a new outlet in Beijing 15 years after leaving the market
After shutting down its first mainland store 15 years ago, French upmarket department store operator Galeries Lafayette returned with a bang with a new store in Beijing yesterday to cash in on China's growing army of the wealthy.
The European retailing giant has formed a 50-50 joint venture with Hong Kong fashion brand management company I.T to run the Beijing store, which cost €42 million (HK$443 million) and three years to build.
The fashion market has been evolving very fast for the past five to six years
"Beijing is a totally different place compared with 15 years ago," said Laurent Chemla, chief executive of Galeries Lafayette (Beijing). "The fashion market has been evolving very fast for the past five to six years and people here [in Beijing] have become more trendy and fashionable."
Located in Xidan, a popular shopping zone, the six-storey Lafayette store spans about 47,000 square metres, about half the size of its Paris store.
Unlike its Paris store, which accommodates top luxury brands, the retailer is introducing in China mainly high-end niche brands such as Delvaux, Maje and The Kooples to cater for mainland shoppers' increasingly sophisticated taste and demand for high-end products.
"We have luxury brands, but not only luxury brands. We'd like to call ourselves a fashion store." he said. "Our aim is to bring more new and different fashion choices to Chinese consumers."