Tesco has boosted its position in China with a £180 million deal to take control of Chinese supermarket chain Hymall.
The move will see the number-one UK retailer increase its initial 50 per cent stake in the business, acquired in September 2004, to 90 per cent.
Tesco’s joint venture partner Ting Hsin will retain a 10 per cent share.
The deal comes a week after the retail giant doubled its space in Malaysia and announced plans to open 300 stores overseas.
The first store in Beijing, which will be the first to carry the Tesco name alongside its Happy Shopper logo, will open in January, with 10,000 square metres of floor space and 500 staff.
Tesco chief executive Terry Leahy said: “We have seen exciting growth in China announcing the joint venture two years ago and are looking forward to the partnership entering a new phase.”
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