Home Improvement moguls discuss European Kingfisher’s future |
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Mon, 02 May 2005 09:15
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Top home improvement retailers seem to be up and about after the recent profit alert and are apparently looking at novel ways to secure their business futures.
European home improvement retailer, Kingfisher’s Chief, Gerry Murphy met top American home improvement groups, Lowe's and Home Depot over discussion about Kingfisher’s future following Wednesday’s profit warning.
| However, the meetings between the DIY magnates had supposedly been scheduled even prior to the profit alert. Also, the probabilities of the meetings being a lead up to the Kingfisher bid have been ruled out by the companies.
With B&Q, Kingfisher's British venture, recording plummeting sales over the past few months, the possibilities of the company being taken over by American giants, Home Depot or Lowe’s had significantly risen.
Buying European home improvement giant, Kingfisher would usher both American companies into China, helping them further to retain a strong foothold in the market there, since the British Kingfisher group is expected to own about 50 operations in China in the coming year.
In fact, developments of converting its Chinese home improvement stores into the B&Q format are also underway.
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