Wahaha & Danone in JV Split
To no-one's surprise, Wahaha Group has said it will end its joint venture with France's Danone Group, the South China Morning Post reports. Danone apparently asked for compensation of between EUR800m and EUR1.7 bn to quit. Wahaha's Chairman Zong Qinghou was quoted as saying that this price is "too high and unreasonable". The two companies were engaged in legal battles throughout last year. Emmanuel Faber, Danone's Head of Operations in China, resigned in January.
Marks & Spencer Opens Store in Shanghai
British retailer Marks & Spencer will reportedly open its first
store in mainland China later this year in Shanghai. The four-floor,
4,900 sq m department store will be located on Nanjing Road, state
media reports. The retailer also looking to add two department stores
to its eight existing stores in Hong Kong. In March, CEO Sir Stuart Rose said he wants to add up to 50 stores China-wide in forthcoming years.
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