Galeries Lafayette opens in Beijing this September
After a failed attempt to enter the Chinese market 15 years ago, the store closing less than a year after opening, Galeries Lafayette is scheduled is open its flagship store in Beijing this September. Projecting an annual estimated turnover of 50 million euros, Thierry Vannier, director of the international department at Galeries Lafayette said: ”“The market conditions were not mature enough at that time. Now China’s economy has changed a lot and I’m very optimistic about the new stores opened this September,”
However, insiders believe that Chinese consumers would prefer to buy from Galeries Lafayette in France where purchases are tax-free. This equates to a 12% savings compared to other French stores and a huge savings compared to buying in China where taxes on luxury goods are very high. This time around, Galeries Lafayette will work with Hong Kong-based I.T. group, which owns over 200 outlets in mainland China.
Outside France, Galeries Lafayette operates a store in Berlin and three licensed stores in Casablanca, Morocco (opened 2012), Beirut (Lebanon) and Dubai, UAE.