Retail in Asia

In Shops

Gome in talks for Middle East foray

Hit by declining profit at home, Beijing-based Gome Electrical Appliances Holding is quietly exploring expanding to the Middle East through a joint venture company with a Lebanese businessman.

People briefed on the matter told the South China Morning Post that Gome, the mainland’s second-largest home appliance retailer, was in early talks with an investment firm led by a wealthy entrepreneur from Lebanon.

The people declined to name the Middle East businessman in talks with Gome but would only say he had close personal ties to the Saudi prince Alwaleed bin Talal, a major investor of US financial services giant Citigroup.

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