Galeries Lafayette is ready to scale up with a joint venture with Hong Kong-listed real estate operator Hopson Group. Under the terms of the agreement, Galeries Lafayette will open a total of three new stores this year, in Shenzhen, Chongqing and Macau, with a goal of reaching 10 stores by 2025. The deal marks the end of Galeries Lafayette’s decade-long partnership with Hong Kong retailer I.T, which began with a Beijing store that opened in 2013 and a Shanghai location four years later.
Hopson Group will take over the I.T-operated stores starting this month, but I.T will continue to operate shops-in-shop for around 10 brands including Comme des Garçons, Simone Rocha, Off-White and Palm Angels within Galeries Lafayette’s Shanghai and Beijing stores. Galeries Lafayette and Hopson Group will hold equal shares and voting rights in the joint venture. According to Galeries Lafayette, the strategic partnership will become effective over the next few weeks.