Time for Tea: Fortnum & Mason to open its first overseas store in Hong Kong
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Fourth dimension for Tea: Fortnum & Bricklayer to open its offset overseas store in Hong Kong
The London-based gourmet emporium will cater to a burgeoning Chinese market when the 7,000 sq. ft. store opens in September 2019.
(Photos: K11, Fortnum & Mason)
Fortnum & Bricklayer is opening its first direct-operated store outside the Great britain in its 300-year history, on Hong Kong's harbour front. The Chinese territory has long been the destination of choice for wealthy mainland shoppers and the group, known for the fine-food ranges sold from its shop on Piccadilly in London'south Westward Terminate, says information technology is hoping to tap into growing Chinese interest in quality food with assured provenance.
Unlike many luxury groups, Chinese consumers do not represent a meaning proportion of Fortnum'due south sales, with three-fifths of its revenue coming from Uk shoppers.
Venters said he felt "extremely confident" that the store would exist well-received as Hong Kong evolves from a fiscal centre to "a more holistic foodie and cultural island".
"We have brownie in Hong Kong considering of our existing necktie-up with Lane Crawford," he said, referring to the department store group owned by ane of Hong Kong's about prominent business organisation families. "We know our products are extremely pop with both locals and visiting Chinese."
"Information technology offers a stable commercial trading environment for us to make our commencement big motion into China. It's easy to do business organization there, easy to sympathize, and it promotes u.s. strongly to mainland Prc." Venters said there were no plans for more stores in other Chinese cities, merely did not rule out such an expansion in time to come.
In addition to selling through Lane Crawford, Fortnum & Mason markets products in Asia through Mitsukoshi and others in Nippon, Shinsegae in South Korea and David Jones in Commonwealth of australia. "We have been selling in Japan for more than 47 years," said Venters. It also sells widely via the internet, with online selling starting in 1998.
The visitor opened a store in Dubai under a franchise agreement in 2014, but it closed three years afterward.
Fortnum & Mason'south mainstay is its 65,000 sq. ft. primary store on London'southward Piccadilly, but it besides has smaller outlets at Heathrow airport, St Pancras station and in the City of London.
Its most contempo accounts, for the year to July 2018, showed revenue ascension 12 per cent to £126 meg (S$222.7 million) with pre-tax profit up 26 per cent to £9.6 one thousand thousand.
By Jonathan Eley © The Financial Times
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