Galeries Lafayette, the French department store chain, plans to open 10 shops in China by 2025 as it bets on Chinese consumer spending to compensate for a saturated domestic market.
“It will be hard for us to expand a lot more in France,” Nicolas Houzé, chief executive, said in an interview after opening the chain’s second China store, a 25,000 sq m outlet in Shanghai. “China is a great opportunity for us.”
Sales of high-end goods have continued to grow rapidly in China this year despite a slowdown in overall economic growth. Premium cars, for instance, have enjoyed an increase despite a historic decline in the country’s overall vehicle sales.
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