Expansion a priority as Dickson Group set to weather downturn

Dickson Poon, this year's Businessman of the Year, is the group executive chairman of the Dickson Group, one of Hong Kong's largest retail and wholesale groups.

The tycoon, whose Dickson Concepts company already has more than 300 stores world-wide, admits to having even bigger ambitions.

'It has always been our objective to be the leader in our industry on a global basis,' Mr Poon said. 'I believe we have the financial capability, infrastructure and management capabilities to achieve that objective in the coming years.' In the last few years, the group has been increasing its presence in the mainland, setting up offices in Beijing, Shanghai, Guangzhou and Shenzhen. Dickson Concepts now has a department store in Shenzhen, a shopping arcade in Shanghai and over 20 shops in different parts of the mainland.

'We are also the exclusive representative of over 10 leading brands in China,' Mr Poon said. 'We continue to be interested in developing this market.' Mr Poon has built a reputation for Dickson Concepts as a purchaser of fashionable department stores that are long on brand-name recognition but short on cash.

In 1987, he bought S T Dupont, the French luxury goods chain, and, four years later, he acquired London's Harvey Nichols. Last year, he bought 85 per cent of Hong Kong's Seibu Enterprise from Japan's Seibu Department Stores, and also spun off both Harvey Nichols and S T Dupont, allowing Dickson Concepts to more than triple its earnings for the year ending March, to $1.34 billion from $395.48 million.

In the past year, he has completed a sales and purchase agreement to take over Barney's, a chain of trendy clothing stores in the US that filed for bankruptcy last year, for US$322 million.

'At the moment, we are waiting for Barney's to go through the various procedures that are necessary for the transaction to be completed,' he said. 'This is estimated to take about six months.' Looking at the local business scene, Mr Poon said he expected Hong Kong retailers to face a tough time in the coming year.