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GERG News

2008.11.07

Golden Eagle Appointed to Manage Orient Department Store in Nanjing

(7 November, 2008 - Hong Kong) Golden Eagle Retail Group Limited ("Golden Eagle" or the "Company", together with its subsidiaries, the "Group"; Stock code: 3308), a premium department store chain in the PRC, announced today that it entered into a management service agreement (the "Agreement") with Nanjing Orient Department Store Co. Ltd ("Nanjing Orient Department Store"), for a term commencing from 1 January 2009 to 31 December 2009.

Pursuant to the Agreement, the Company will designate senior management staff and deploy management team to Nanjing Orient Department Store for the provision of operation management services. The scope of management services covers day-to-day management and operational support to the business operation of Nanjing Orient Department Store, mainly in terms of merchandising, shopping area design, sales, promotion, human resources deployment and information system. Nanjing Orient Department Store's audited net profit amounted to RMB7.32 million in financial year 2007. On this basis, Golden Eagle will charge a management consultancy fee a sum equivalent to 50% of the amount exceeding RMB7.32 million.

Located at No. 2, Zhongshan South Road, Nanjing, Orient Department Store is at the hub of Xinjiekou business circle with an operating area reaching 20,000 sq. m. Opened on 28 October 2000, this six-storey mid-to-high-end department store has an extensive tenant base of internationally renowned fashion, jewelry & timepiece and cosmetic brands, such as GUCCI, EMPORIO ARMANI, FENDI, CHANEL, ROLEX and LANCOME.

Mr. Roger Wang, Chairman of the Group, said, "We are delighted of being appointed by Orient Department Store. The Agreement is not only recognition of Golden Eagle's ample experience in department store operation, but will also generate stable income for the Group. We believe Orient Department Store will create positive synergies with our Nanjing Xinjiekou Store and Nanjing Zhujiang Store, to better serve customers' changing demand, to expand our operation scale in Nanjing and to consolidate our leading position in Jiangsu province."

 
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