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New HoF owner Sanpower plots international expansion

House of Fraser’s new owner has laid out ambitious international growth plans for the department store, including roll-outs in Russia and the Middle East.

Speaking to the Financial Times, Yuan Yafei, chairman of Sanpower, which recently acquired 89% of the department store business, said that the company’s long term plan was to export the HoF model throughout Asia.

The first international rollout is likely to be in Nanjing in Southern China, where Yafei said that Sanpower had plans to open an ‘Oriental Fraser’ store.

This, he said, is likely to be followed by franchise openings in Russia and Abu Dhabi.

In the UK Sanpower plans to release new funding to invest in the House of Fraser store network and invigorate the existing infrastructure.

Yafei said that the current management would be kept in place.

Sanpower bought the majority share of House of Fraser last month in a high profile sale which also saw Shop Direct owner Mike Ashley take an 11% stake.

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