China based Nanjing Cenbest, a subsidiary of Sanpower Group,
has acquired 89 per cent of Highland Group Holdings, the parent company of House
of Fraser. Executive Chairman Don McCarthy will step down upon completion of
the transaction. The takeover also ends House of Fraser’s plans to list on the
London Stock Exchange. In its latest
statement, on 15 April, House of Fraser reported sales of £1.2 billion, a rise
of 3.6 per cent on a like for like basis for the 52 weeks to 25 January
2014. During the year online sales had
increased by 41 per cent to represent 12.2 per cent of overall sales following
enhancement of its website which led to an uplift in conversion. The business had also opened its first international
store in Abu Dhabi. According to some reports Sanpower intends to open 20
stores in China under the name Oriental Fraser with the first in Nanjing.
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