Dymocks, SCMP forge mainland venture

Publisher South China Morning Post (Holdings) (SCMP) and Australia-based Dymocks Booksellers have formed a joint venture to set up a franchised bookstore chain in Greater China.

The joint venture - Dymocks Franchise Systems (China) - is owned 55 per cent by Dymocks and 45 per cent by SCMP.

Dymocks, established 121 years ago, has more than 100 outlets in Australia and New Zealand. SCMP publishes the South China Morning Post.

Dymocks group chairman John Forsyth said Dymocks would manage the joint venture while SCMP would contribute its experience in Hong Kong and the mainland.

He said the joint venture planned to open up to eight stores in Hong Kong in the next couple of years.

Two bookstores were opened in the past month at the International Finance Centre and the Star Ferry terminal while a third will be opened in Prince's Building next month.