Fortnum & Mason looks east with Hong Kong store
Fortnum & Mason is to open its first store outside of Britain later this year when it sets up shop in Hong Kong, as the upmarket retailer looks to cash in on international demand for its wares.
The group plans to open a standalone store and restaurant in Hong Kong’s Victoria Dockside redevelopment project.
Fortnum said it was responding to strong demand for its products in Hong Kong, China and beyond.
Chairman Kate Hobhouse added: “Expansion in Asia is an important next step for us, as we extend our reach further across the world.
“We have seen significant appetite for the Fortnum’s brand and products in the region, with impressive year-on-year sales growth.
“We are therefore incredibly proud to continue our record of investment and growth by expanding our business into new markets, and reinforcing our support for amazing producers and suppliers and creating new job opportunities.”
Opening in September, it represents the first time Fortnum will have a standalone store outside of Britain, although it has concessions in South Korea, Japan and Hong Kong.
Around 90 new jobs will be created in Hong Kong and the 312-year-old firm said the expansion represents a significant opportunity for Fortnum’s British suppliers, who produce 86% of the retailer’s products in the UK.
Last year the department store booked a 12% increase in sales to £126 million, while profits jumped 26% to £9.6 million.
It marked the sixth successive year of double-digit sales growth for Fortnum’s.