La Rinascente'S First Asian Store Will Debut In Jakarta, Indonesia.

2013/9/3 20:55:00 9

Italy high-end department store group LaRinascente has revealed that it will seek further international expansion and the development center will fall in Asia. La Rinascente's first Asian store will debut in Jakarta, Indonesia, after which the department store plans to land in China and Vietnam's Hanoi or Hu Zhiming. 
 La Rinascente is the subsidiary of Central Retail Corporation Shang Tai retail group, the largest retail group in Thailand. The latter bought a total of LaRinascente in May 2011 for 260 million euros. 
"Our goal is to set up a series of department stores in tourism and shopping centers in the global capital and major international cities," said Vittorio Radice, vice president of P La Rinascent. 
Asia's first store, P > La Rinascente, will debut in Jakarta, Indonesia. After that, the department store plans to land in Hanoi or Hu Zhiming, China and Vietnam. Its parent company Central Retail Corporation Shang Tai Retail Group currently has three stores in Hangzhou, Chengdu and Shenyang. 
As for the domestic market, La Rinascente is planning to build second flagship stores in Rome and is expected to open in February 2015. The group also plans to add La Rinascente Venice branch, but the plan is being examined and approved by the local government. P 
 La Rinascente, which has a long history of 150 years, currently operates 11 department stores in 10 major cities of Italy, Rome, Milan, Genoa, Turin and Florence. The flagship store in Milan attracts 10 million tourists every year, generating nearly 60% sales for La Rinascente. The total revenue of La Rinascente2012 was 462 million euros, up 5.7% from 2011. 
"P" LaRinascente bought Denmark Danish department store Illum in March this year. The group will invest 50 million euros in the next 5 years to restructure the Copenhagen Illum department store in 1891, so that its annual revenue will be doubled from 200 million euros to 100 million euros in real terms.