Li & Fung set to open 300 outlets in mainland

JV planned to develop fashion brands and home products

Li & Fung Ltd plans to open 300 outlets in the Chinese mainland under a joint venture with two major department stores to develop fashion brands and home products.

The Hong Kong-based retail sourcing company will take a 20 percent stake, with Shanghai Bailian Group Co and Beijing Wangfujing Department Store Group Co Ltd each owning 40 percent, the companies said in a joint statement.