Lafayette’s Fashion Buyer Not So Fashionable in China.docVIP

Lafayette’s Fashion Buyer Not So Fashionable in China 　　French department store Gal- eries Lafayette’s ambitious return to China was only rewarded with the 20-millionyuan loss in a year. 　　According to the latest financial report of Hong Kong-based fashion dealer I.T Group， the loss of Lafayette in China kept expanding in the first half of 2014 financial year ended August 31， as the figure increased from 10.7 million HK dollars ib 2013 to 20 million HK dollars. 　　In 2013， I.T Group and Lafayette respectively contributed 50% of the capital to set up Lafayette Department Store （China） Co.， Ltd （hereafter Lafayette）. On September 28 of that year， Lafayette set up its first store in Beijing， which is located in the intersection of North Street of Xidan and Lingjing Lane. It is a six-storey building that covers 47 thousand square meters. Products from luxury brands to things for ordi-nary consumers are sold there. 　　However， the financial report from I.T Group seems to be telling us that this store is not having a good day in China. In its financial report， I.T Group admitted that “it will take a long time for this jointinvested store to turn losses into profits under the present hard conditions”. 　　 Sorrowful Return after 16 Years 　　The Lafayette store in Beijing is the second time that Lafayette established a store in China. Early in 1997， Galeries Lafayette once opened a store in Wangfujing， the most prosperous CBD in Beijing. However， the store only last a year because of the loss. 　　Different from the predicament of Lafayette in Beijing， the Galeries Lafayette in Paris is very popular among Chinese when they go to that city. It is known that the Galeries Lafayette store in Boulevard Haussmann is the landmark building of Paris that is deeply loved by tourists apart from Eiffel Tower. It is also the preserver of the highest turnover of department stores in the last ten years. Every year there are over 8 million tourists going there， and the“Chinese legion”