Department Store Operator Lifestyle debuts China Spin-off
July 16th, 2016
Department store operator Lifestyle International, owner of two SOGO stores in Hong Kong, listed its China spin-off department stores as Lifestyle China. The company said the spin off will allow the respective management teams of the company to focus on their own geographic segments
Debut today, Lifestyle China is the operator of department stores of Shanghai Jiuguang, Suzhou Jiuguang and Dalian Jiuguang “lifestyle” department stores in the mainland China. Following completion of the spin-off, Lifestyle International will be principally engaged in the operation of department stores in Hong Kong; while Liftstyle China will be principally engaged in the operation of department stores and supermarket business in China and restaurant business. ,
The company said the spin-off will enable both companies to establish own profiles as separate listed entities in their respective market Hong Kong and mainland China Market.
Lau Luen Hung Thomas, Chairman and Chief Executive Officer of Lifestyle China, said after the spin-off listing the management team will leverage on its operational experience to expand prudently in the PRC department store market.
Looking into the future, Lifestyle China said it aims to strengthen its position in China’s department store market and increase its competitiveness. The company said it is in the process of developing a new retailing complex on Daning Road, Jing’an, Shanghai, which will house a Jiuguang department store. The development of the Daning project is targeted to be completed in December 2018 and the company expects the project would enhance its brand in the Shanghai's department store market.
The article was published on 18 - 07- 2016 (16:55M GMT+800)
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