Staples has made its official entry into China’s OP market with the opening of joint venture company Shanghai Staples Industry Development Co in Shanghai.
The joint venture with Chinese internet and catalogue delivery company OA365.com was originally announced in August. The OP giant has invested nearly $10 million for a 15 per cent share in the new company, and has the option to take a controlling stake.
Staples chairman and founder Tom Stemberg said: "This is one of the most explosive economies of scale in the world especially when it is accompanied by the fact that modern distribution has not reached office products in China."
Shanghai (CHN)
