Britain's Home Retail plans China venture
Britain's Home Retail Group and Chinese appliance giant Haier will launch a joint retail venture in China, one of the world's fastest-growing consumer markets, the two firms said Wednesday.
Home Retail, a leading home and general merchandise retailer, and Haier Electronics Group will develop a business under the British brand "Argos", Haier said in a statement.
Haier has a 51 percent stake in the venture, which has an initial investment of around $29.5 million, while the British company holds the remaining 49 percent, the statement said.
China is forecast to become the world's second-largest consumer market in the world by 2015, not far behind the United States, according to global consulting firm Booz & Company.
The joint venture will start operations in 2012, targeting the commercial capital Shanghai and its surrounding region before expanding to other parts of China, the companies said.
Argos sells general merchandise and home products at more than 750 stores throughout Britain and Ireland.
© 2011 AFP