Home Retail is to launch Argos
into China via a joint venture with home appliance manufacturer
Haier Group. The partnership will see Home
Retail and Haier develop an Argos-branded multichannel retail
business targeted at the Shanghai region. Launching in 2012, the
long-term aim is to rollout a multichannel offer to regions
throughout China using Argos’s retail expertise coupled with
Haier’s distribution capabilities in the country.
Back in the UK, pretax profits at Home Retail Group, which also
owns Homebase, plunged 70 percent to £28
million in the first 26 weeks of the year. Sales declined 6
percent to £2.57 billion during the period as consumer
spending continued to weaken.
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