Gome reports 30% rise in net profit, targets growth in lower-tier cities
Bain-backed Gome Electrical Appliances has reported a more than 30% rise in net profit for the first half of 2011, attributed to the launch of 131 new outlets in second-tier cities. The company wants to add 260 stores by the end of the year.
Gome, which is 10%-owned by Bain, plans to maintain this momentum through an aggressive expansion plan in lower-tier cities, where it sees the most abundant opportunities. Specifically, 60% of new stores...
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