NEWS

Chinese billionaire in talks to sell House of Fraser stake to Hamleys owner

Published on: 25th April 2016

The Chinese billionaire owner of House of Fraser is in talks to sell a stake in the department store chain, two years after buying it in a £480m deal.

hof480Two years after acquiring House of Fraser in a deal worth £480m, Sanpower is currently exploring a cooperation arrangement with Hong Kong-listed shoe retailer C.Banner, which may eventually lead to an acquisition of a stake in House of Fraser, according to a statement on the Hong Kong stock exchange. C.Banner bought Hamleys from Ludendo last year and plans to open the toy store’s first China outlet in September inside a new House of Fraser flagship – called Oriental Fraser – in Nanjing.

A spokesperson for C. Banner said that a strategic alliance with House of Fraser’s parent company Highland group could help give the two businesses greater bargaining power with suppliers and help grow their brands, confirming that: “The companies are currently exploring possible structures for co-operation, but no agreement has been reached in respect of the acquisition of an interest in Highland Group.”

 

 

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