Just days after it announced that it is axing its TV channel,
Argos has now confirmed it is exiting its Chinese venture after
only four months of trading.
Parent company Home Retail first announced it was headed east in
October 2011 to launch Argos into China via a joint venture with
home appliance manufacturer Haier Group. The partnership saw Home
Retail and Haier develop an Argos-branded multichannel retail
business targeted at the Shanghai region.
Following a review of the investment required to further develop
the Chinese business as well as focus on the core market back
home, Home Retail decided to wind down operations. A spokesperson
left a door open, saying “the Chinese retail market may
still present an attractive long-term growth opportunity for the
Argos model.”
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