Suning to Open LAOX Outlets in China
SUNIF | Quote | Chart | News | PowerRating -- Suning Appliance Co., Ltd. (SZSE: 002024) plans to open 100 LAOX-branded outlets in major Chinese cities in the coming three years and seek operating revenues of JPY 25 billion in March 2013.
The first store is expected to debut in Beijing in March 2010. After that, more such outlets will be opened in major cities like Shanghai and Shenzhen. The move aims to strengthen the business cooperation between Suning and LAOX.
Suning, a leading home appliance retailer in China, accomplished buying a 27.36% stake in Japan-based LAOX not long ago, becoming the first-largest shareholder of the latter.
Set up in 1930, LAOX operates a household appliance retail chain nationwide. Once a major consumer products retailer in Japan, the company earlier announced its plan to shut down 15 suburban stores in Tokyo and Kanagawa by the end of this September. It has to redeploy its business because of a possible consecutive-nine-year loss.
Source: www.hexun.com (November 16, 2009)
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