In the UK, those who carry HOF (House of Fraser) handbags are from relatively affluent local families. And in this very year, this British department store chain HOF, which has a 165-year reputation, has now belonged to a private enterprise in Jiangsu called Sanpower Group. It was none other than the Group Chairman Yuan Yafei that had completed this largest overseas retail M&A.

During his 20 years' immersion in business, Yuan Yafei has been holding such a view: Only by self-denial and breakthrough can an entrepreneur constantly innovate his business models, and achieve the sustainable development of business. It is exactly because of the consistent pursuit of innovation that Sanpower Group has realised one gorgeous breakthrough after another, extending from retail trade, to 3C manufacturing, financial investment, cultural industries, and real estate, etc.

During the "12th Five-Year Plan", the country decides to vigorously develop strategic emerging industries such as Internet of Things (IOT). Yuan Yafei selected Guangzhou Jinpeng, which has gained some achievements in the field of digital security and intelligent security. The investment-led, outward-driven model of economic development is about to turn to consumer-driven, endogenous-driven development model. Yuan Yafei timely entered and hosted Nanjing Cenbest, which features department store retailing, determined to forge the middle and top-grade "Xinjiekou Department Store" that is oriented towards the working class and young people, as well as top commercial mall "Cenbest Orient".

As regards the acquisition of HOF, the industry generally believe that Nanjing Cenbest will hopefully become the leader in China's retailing transformation. Yuan Yafei said, what he took a fancy to is not only the so-called assets, but mainly its mature supply chain, mature business model and operation model. “It is just because of their expertise that I was so determined to purchase it." He hoped that in the years to come, the introduction of advanced modes will enable Nanjing Cenbest to own 15% private brands and 20% buyers brands.

Recently, Yuan Yafei has also completed the acquisition of Lashou.com, which is known as the biggest event of the last two years in group buying field. And this is the very embodiment of Yuan Yafei's Internet thinking: "The Internet has become the most mainstream way of [life for] the Chinese. Not adapting to it, you will eventually be marginalised." "I did every new thing and every new purchase for the sake of innovation; otherwise I would not do it anyway."

Management innovation has also been placed in a very important position in the development of Sanpower. With the development of Sanpower, its subsidiaries come from developed countries like the USA, the UK, Israel, etc. "Respect, understanding, implementation, trust" is defined by Yuan Yafei as Sanpower's corporate management culture. Thanks to these notions, Sanpower has attracted elites from all circles at home and abroad, including CEOs from the world's top 500 enterprises.

From the initial 20,000 yuan to now, Sanpower's assets have multiplied to an astronomical figure. "Many dreams are realised far beyond our imagination." Referring to the present, Yuan Yafei sincerely acknowledges that this is his luck, "Because I grew up in a great era and a great country."