Time for Tea: Fortnum & Mason to open its first overseas store in Hong Kong
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Time for Tea: Fortnum & Stonemason to open its commencement overseas store in Hong Kong
The London-based gourmet emporium volition cater to a burgeoning Chinese market when the 7,000 sq. ft. store opens in September 2019.
(Photos: K11, Fortnum & Bricklayer)
Fortnum & Mason is opening its beginning directly-operated store outside the UK in its 300-twelvemonth history, on Hong Kong’s harbour forepart. The Chinese territory has long been the destination of choice for wealthy mainland shoppers and the grouping, known for the fine-nutrient ranges sold from its store on Piccadilly in London’s West End, says information technology is hoping to tap into growing Chinese involvement in quality food with assured provenance.
Unlike many luxury groups, Chinese consumers do not represent a significant proportion of Fortnum’s sales, with three-fifths of its acquirement coming from UK shoppers.
Venters said he felt “extremely confident†that the store would exist well-received as Hong Kong evolves from a financial center to “a more than holistic foodie and cultural isle†.
“Nosotros have credibility in Hong Kong considering of our existing tie-upwards with Lane Crawford,†he said, referring to the department store group endemic by one of Hong Kong’s most prominent business families. “We know our products are extremely popular with both locals and visiting Chinese.â€
“It offers a stable commercial trading environment for u.s. to brand our first big move into China. It’s easy to do business there, easy to sympathise, and it promotes united states of america strongly to mainland China.†Venters said there were no plans for more than stores in other Chinese cities, but did not rule out such an expansion in future.
In addition to selling through Lane Crawford, Fortnum & Mason markets products in Asia through Mitsukoshi and others in Japan, Shinsegae in Republic of korea and David Jones in Australia. “We accept been selling in Japan for more than 47 years,†said Venters. Information technology also sells widely via the internet, with online selling starting in 1998.
The company opened a shop in Dubai nether a franchise agreement in 2014, just it closed iii years afterward.
Fortnum & Bricklayer’s mainstay is its 65,000 sq. ft. main store on London’s Piccadilly, but it too has smaller outlets at Heathrow airport, St Pancras station and in the Urban center of London.
Its most recent accounts, for the year to July 2018, showed revenue rising 12 per cent to £126 million (S$222.vii million) with pre-revenue enhancement profit upwardly 26 per cent to £9.six one thousand thousand.
By Jonathan Eley © The Fiscal Times
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