Chinese department store operator Nanjing Xinjiekou Department Store Co. Ltd. will sell its majority stake in the U.K.-based department store chain House of Fraser, the (London) Financial Times reported March 6, citing a Shanghai stock exchange filing by the Chinese company.
Nanjing Xinjiekou said in the filing that it will sell its 51% stake in House of Fraser to Chinese tourism group Wuji Wenhua.
The report noted that the Chinese department store operator's largest shareholder, Sanpower Group, bought House of Fraser for £155 million in 2014 but failed to expand the British retailer globally.
