Galeries Lafayette back in China after 15 years
By FashionUnited
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Beijing flagship is second biggest worldwide
The flagshipFamously absent are brands like Cartier, Louis Vuitton and Chanel – partly to avoid the Chinese government’s crackdown on corruption in the luxury segment with the aforementioned brands having come under scrutiny – and partly due to Galerie Lafayette’s reorientation toward fashion rather than luxury.
“We are not a luxury store. We are a fashion store," stated Philippe Houze, chairman of Galeries Lafayette at a news conference in the new store on Friday. He also admitted to “aiming at fashion addict customers” who “don’t care about corruption”.
The family-owned department store chain has teamed up with Hong Kong-based fashion distributor I.T Limited in a 50-50 joint-venture partnership. The Beijing store is the latest in a series of flagships in metropolises around the world, among them Dubai (opened in 2009), Casablanca in 2011 and Jakarta in 2013. Two more are planned in Turkey and Qatar by 2015.
Galeries Lafayette has been facing weak consumer spending in France and is thus targeting emerging markets, generating total revenues of 3.7 billion euros last year with 65 outlets worldwide.
Image: The new Galeries Lafayette flagship in Beijing