On 9 May, Xu Baokun, Minister of State at Singapore Ministry of Trade and Industry and the Ministry of National Development, and Luo Dewei, the Singapore Consul-General in Shanghai, visited Sanpower Group accompanied by Wang Wei, Deputy Secretary of the CPC Jiangsu Provincial Party Committee and Vice Chairman of the provincial Youth Federation. Yue Lei, Senior Vice President at Sanpower Group, greeted the visitors, accompanied by Hu Leiyong, Director of the Public Relations and Administration Centre, and Sean Ang, Vice President of Operations at the Group’s House of Fraser preparatory team.

 

Accompanied by Yue Lei, Xu Baokun visited Sanpower Home, the Group’s corporate culture showroom. Yue Lei introduced the history of Sanpower Group and the five sectors it works in, especially Sanpower’s strategic positioning around “Broad Consumption, Broad Health, Broad Finance”. Upon learning that Sanpower’s department stores have been able to introduce the house brands, buyer system and supply chain from House of Fraser by acquiring the quintessential British department store, Minister Xu Baokun remarked that it was an innovative approach in line with the future development trends which could enhance the competitiveness of the department store.

At the Brookstone concept store, many members in the Singapore delegation noted that they had already heard about the novelty brand. They were very interested in the robot, smart wine aerator, sand paste among other products and were very optimistic about the market prospects for Brookstone in China.

Since last year, Sanpower has maintained a close relationship with businesses and government in Singapore. This April, International Enterprise Singapore, a body under the Singapore Ministry of Trade and Industry, came to Sanpower to discuss cooperation. This time, Xu Baokun’s visit has pushed the cooperation between both parties to a new level. Xu Baokun noted that Sanpower’s rapid growth was impressive and that it was visionary to encourage the transformation and upgrade of domestic companies through overseas M&A activities. He expressed his hope that both parties will keep communicating and seek opportunities for cooperation.

 

Yue Lei noted that Singapore was located in the heartland of Southeast Asia and was an important place in the Asia-Pacific region for Sanpower. Meanwhile, retail and the modern services industry are both well developed in Singapore which suits Sanpower’s requirement for overseas M&A activities. He hoped that both parties would collaborate and achieve mutual benefit.

Yue Lei noted that Singapore was located in the heartland of Southeast Asia and was an important place in the Asia-Pacific region for Sanpower. Meanwhile, retail and the modern services industry are both well developed in Singapore which suits Sanpower’s requirement for overseas M&A activities. He hoped that both parties would collaborate and achieve mutual benefit.