Bosideng International to open first UK store
Bosideng International, one of China¬ís largest retailers, is to open its first UK store in London's South Molton Street.
The down apparel retailer, a Hong Kong Stock Exchange listed company which has over 7,500 retail outlets in China, has acquired the £20 million six-storey property at 28 South Molton Street for both its flagship store and European headquarters.
The building's location, 20 metres from the Bond Street exit of the London Underground, means the store will benefit from an annual traffic flow of 24 million people.
Bosideng was advised by Gordons who will also work with the retailer on the construction tendering process and the appointment of a construction consultant.
Commenting on the purchase, Bosideng International’s chief financial officer, Kelvin Mak, said: “Our entry into the UK and Europe is of great strategic importance to the Bosideng brand."
He added: “We have secured a superb location in one of the world’s most famous retail destinations. Our flagship store in London is going to be an outstanding landmark building and we are looking forward to the start of its construction.”
Bosideng International has committed to invest an additional £6 million in the construction of the building which includes three floors of retail trading for menswear. Building work is expected to begin in September and be completed by July 2012 in time for the Olympics.
Gordons managing partner, Paul Ayre, said: “This is a bold and confident move by Bosideng to establish its brand in the highly competitive UK and European fashion markets.
“By locating in the West End with such a striking building, the company has made a powerful statement about its intention to rapidly position Bosideng as a highly desirable high street brand. Having worked with them we have no doubt that they will achieve that objective.”
Established in 1976, Bosideng International had annual sales of Rmb7.04bn (£681m) for the financial year 2010/11, mostly generated within China.
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