Suning's Laox to Invest RMB 3 Bln to Open 26 Stores in Japan
Ebrun, 6/24/15
Zhang Jindong, CEO of consumer electronics and home appliance retailer Suning Commerce Group (002024.SZ), recently announced that Laox, a Japanese home appliance store brand of which Suning hold a majority stake in, will invest RMB 3 bln to open 26 more stores in Japan over the next 3 years. Suning acquired 27.36% of Laox's equity stake in 2009.
According to records, the 2014 net profit of Laox was RMB 65 mln with a growth rate of 138% YoY. The majority of the profits came from offline retailer shops.
Editor's Note: For more information on this topic, please see "Update: Suning Completes Acquisition of Japanese Retailer," MD 10/22/09 issue.
Keywords: overseas hardware Zhang Jindong consumer electronics Japan Suning Laox 002024.SZ retail home appliances
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