Luxury department store, Harrods is currently negotiating the possibility of launching its first branch outside the UK in Shanghai’s Bund area.
However, if the talks resulted in a partnership with Shanghai’s municipal government, it would take around two-and-a-half years to finalize the project.
“China is the most probable [option for a foreign branch], but we would have to do a lot of work first”, Harrods managing director, Michael Ward said.
China Daily reports that Harrods “is already a well-known purveyor of luxury goods among well-to-do Chinese consumers who make frequent overseas shopping trips every year”.
In addition, the number of Chinese travelers who shopped at Harrods in the first half of this year saw a 125-percent increase, compared to last year.
It was previously reported that, after Harrods changed hands from Mohammed al-Fayed to Qatar Holding in May, the new owner was considering a Chinese branch.
Even though international luxury fashion houses, including Louis Vuitton, Gucci, Dior, Tiffany, HermÃ¨s and Prada, have set up store in Shanghai in recent months, the move is considered a major break with tradition for the store.