Law firm Gordons advises Chinese retailer Bosideng on £20m purchase of flagship store near Oxford Street, London
Tuesday 19th July 2011
One of China’s largest retailers has been advised by Yorkshire law firm Gordons on the £20m acquisition of a six-storey property near Oxford Street that it will develop into a flagship store and European headquarters.
Down apparel retailer Bosideng International – a Hong Kong Stock Exchange-listed company which has over 7,500 retail outlets in China – has purchased the property at 28 South Molton Street, near the Oxford Street shopping area in London’s West End. Its location is 20 metres from the Bond Street exit of the London Underground and the property benefits from an annual traffic flow of 24m people.
Bosideng International was advised by a multi-disciplinary team from Gordons led by managing partner Paul Ayre and head of construction Richard Piper. Specialist lawyers from the firm’s commercial property, corporate, planning and construction departments worked together to deliver the acquisition.
Gordons is continuing to work with Bosideng International on the construction tendering process and the appointment of a construction consultant.
Commenting on the purchase, Bosideng International’s chief financial officer, Kelvin Mak, said: “Our entry into the UK and Europe is of great strategic importance to the Bosideng brand, so it was vital for us to partner with the right law firm.
“We chose Gordons because they were able to demonstrate excellent retail sector experience and they shared our excitement and vision for Bosideng.
“They were exceptional throughout the negotiations and with their support we have secured a superb location in one of the world’s most famous retail destinations. Our flagship store in London is going to be an outstanding landmark building and we are looking forward to the start of its construction.”
Bosideng International has committed to invest an additional £6m in the construction of the building which includes three floors of retail trading for menswear. Building work is expected to begin in September and be completed by July 2012 in time for the Olympics. Established in 1976, Bosideng International had annual sales of Rmb7.04bn (£681m) for the financial year 2010/11, mostly generated within China.
Gordons managing partner, Paul Ayre, said: “This is a bold and confident move by Bosideng to establish its brand in the highly competitive UK and European fashion markets.
“By locating in the West End with such a striking building, the company has made a powerful statement about its intention to rapidly position Bosideng as a highly desirable high street brand. Having worked with them we have no doubt that they will achieve that objective.”