Galeries Lafayette to expand in the Middle East and China
Galeries Lafayette is in talks with potential partners in China and the Middle East to open five new department stores by 2020 as its home market suffers after a wave of Islamist attacks. The attacks had deterred tourists from coming to France and sales fell nearly 6% in the first-half to 1.6 billion euros ($1.80 billion).
Sales at the Beijing store were up 15% in the first half while the Dubai store was on track to reach sales of 100 million euros ($112m) in 2016. The Galeries Lafayette group also has stores in Berlin, Jakarta, Dubai and Beijing, and plans to open in Doha and in Istanbul in 2018.