Lafayette eyes $1.13b revenue in China

French department store chain Galeries Lafayette is planning to open about 10 stores and achieve revenue of 1 billion euros ($1.13 billion) by 2025 in China, a top company official said.

"We are targeting around 10 stores in China. We think we could reach 1 billion euros turnover from China, and make China the biggest market after France," said Nicolas Houze, chief executive officer of Galeries Lafayette and French concept store BHV Marais, who hopes to achieve this goal by 2025.

The Shanghai store will be the company's second in China after a similar one in Beijing and is scheduled to open in autumn. Currently, the group is also looking for locations for two new stores, with Guangzhou in Guangdong province, Xiamen in Fujian province, Suzhou in Jiangsu province and Chongqing as potential candidates, according to Philippe Pedone, senior vice-president, International for Galeries Lafayette and BHV Marais.