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HK beckons for F&M

Luxury retailers branch out with first overseas department store in 312-year history

 

FORTNUM & Mason are set to open their first store outside Britain later this year when the luxury retailers branch out to Hong Kong.

Looking to cash in on international demand for their wares, Fortnum & Mason are building on their 312-year history with the standalone store and restaurant in the Victoria Dockside redevelopment project (artist's rendition pictured) within the former British colony.
Opening in September, this represents the first time Fortnum will have a standalone store outside of Britain, although they have concessions in South Korea, Japan and Hong Kong.
Around 90 new jobs will be created in Hong Kong and the firm said the expansion represents a significant opportunity for Fortnum's British suppliers, who produce 86pc of the retailer's products in the UK.
Last year the department store, founded in London’s Piccadilly in 1707 where they have a large greetings and stationery department, booked a 12 per cent increase in sales to £126million, while profits jumped 26 per cent to £9.6m. It marked the sixth successive year of double-digit sales growth for Fortnum's.
“Building on our 47 years of experience in Japan, South Korea and Hong Kong, our latest expansion in Asia is an important next step for us as we extend our reach further across the world,” Fortnum’s chairman Kate Hobhouse said.
“We have seen significant appetite for the Fortnum's brand and products in the region, with impressive year-on-year sales growth."
The Hong Kong store will be a 7,000sq ft space selling their most popular products including tea, champagne and teaware with a restaurant located upstairs with views across the harbour.



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