House of Fraser boss calls for Brexit transparency

London - Yuan Yafei, the chairman of Sanpower Group and owner of House of Fraser, is calling on Prime Minister Theresa May to give a "definite signal" concerning what type of Brexit deal the government wants to make.

As May is set to visit China this week, the billionaire department store owner, revealed to the BBC at HoF's flagship store in Nanjing, China, that although he was confident that the UK's exit from the UK would not be "too bad" for the economy, the Prime Minister needs to send out a strong signal.

Yuan added that he welcomed May's visit, stressing that he believes in this global era that "no country can ignore China." Sanpower's subsidiary, Nanjing Xinjiekou Department Store Co., Ltd took control of HoF September 2014 for approximately 480 million pounds.

The British department opened its first stores in China in December 2016, as Yuan aims to expand the department store chain across the country.

Photo: Courtesy of House of Fraser