Icelandic investment firm Baugur is to open 300 shops in Germany after striking a joint venture agreement with entrepreneur Kristinn Gunnarsson.
The pair intend to open concessions and stores for fashion brands, such as Karen Millen and Oasis, via their vehicle, Arctic, over the next five years.
Baugur, which controls swathes of the UK high street after acquiring retailers such as house of Fraser, Hamleys and Goldsmiths, is increasingly looking overseas for expansion opportunities. It is understood to be considering the possibility of a joint venture with Indian giant Reliance.
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