Retail in Asia

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HK retailer Stelux eyes China turnaround with private equity partner Boyu

Stelux Holdings, a Hong Kong-based retailer of mid-priced spectacles and watches, said its co-operation with the private equity firm Boyu Capital creates operating synergies that will help it to turn around its China business within three years, aided by online sales and relocation to second-tier cities.

Joseph Wong, chairman and CEO of Stelux, which operates the Optical 88 and City Chain stores, said: "Boyu Capital offers industry expertise and seasoned managers in the competitive middle-class industry on the mainland, creating more synergies than its investment in our company."

Boyu Capital, a private equity firm specialising in China investment founded by former Ping An president Louis Cheung and Mary Ma, invested in the retailer through a subscription for HKD371 million (USD47.8m) of convertible bonds in November.

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