DIY leader pushes ahead with invasion of Middle Kingdom
Kingfisher has accelerated its push into China with the acquisition of five hypermarket stores for almost£7 million. The leasehold sites were formerly owned by PriceSmart, a privately run Chinese retailer. The stores will be converted to the B&Q format during the coming year.
The DIY giant has 20 stores in China at the moment, and the latest outlets are in addition to the seven to nine stores planned in the country during the next two years. Parent company Kingfisher made sales of£131 million from B&Q operations in the year to January 31. The Chinese business made a profit for the first time during the period, of£400,000.
Kingfisher chief executive Ian Cheshire said: 'Kingfisher has been performing extremely well in China, which is one of the most exciting retail markets in the world. This deal enables B&Q to accelerate its expansion there and to consolidate its position as market leader.'
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