The new store in the top French Galeries Lafayette opened in Shanghai on Saturday. This is the second Galeries Lafayette store in China, following the opening of its first in Beijing in 2013.
By 2025, it intends to open approximately 10 stores in the Chinese market and present the mini WeChat program in the second quarter.
The store, covering 25,000 square meters and five floors, is designed so that the city is focused on fashion, which includes fashion creations from around the world, including those of Chinese designer brands.
Galeries Lafayette is expanding its presence around the world, and China is an important market for future expansion and growth of the company, said Nicolas Houzé, CEO of Galeries Lafayette and BHV Marais. According to France, the Chinese market is the second largest market.
Nicolas Houzé told Xinhua news agency that the company had important relations between China and France, while Chinese tourists contributed about 20% of the sales of Galeries Lafayette stores in France.
The new store is located in the commercial area of Lujiazui district of Pudong. The latter, which is the financial center of the municipality, is transformed into a very fashionable place.
The main trade in Shanghai was developed by Galeries Lafayette with I.T Limited through the joint venture 50/50, and is expected to be opened in October.
Shanghai strives to become a premium fashion center. According to statistics, over 300 well-known brands have opened their first stores in China in 2018, while more than 3,000 brands have introduced their new products.