Welcome to the Russian House of Fraser
House of Fraser might seem like the kind of place your mum goes to buy tights and have a nice cup of tea in the cafe, but now the trusted British store is broadening its horizons and GOING GLOBAL.
After a successful £480m takeover bid by Chinese tycoon Yuan Yafei, there are plans to open 4 stores in Russia and two in Abu Dhabi, as well as a flagship ‘Oriental Fraser’ in Nanjing, where Yafei is based.
Apparently Chinese department stores are a bit crap, so Yafei is taking the traditional ‘Are You Being Served’ House of Fraser style and shipping it wholesale to Asia. He’ll also inject tons of money into the UK business – which has been going for an unbelievable 165 years – and renovate existing stores.
This is just the latest example of British retailers branching out internationally, following an increased interest in British clothing and accessories from abroad.
With M&S and John Lewis at the helm of UK online retail, at the moment, it seems like Britannia rules the (retail) waves.
How long before there's a Moscow branch of Poundstretcher?