May 3, 2018 / 11:04 AM / in 17 days

Eataly's sights set on China with possible joint-venture

MILAN (Reuters) - Italy’s Eataly will decide on a possible joint-venture in China in the coming months and a Chinese partner could take a stake in the high-end food retailer, its Chairman Andrea Guerra said.

A man walks next to the logo of of Italian upmarket food chain Eataly at the company's newly-opened first Russian store in Moscow, Russia, May 25, 2017. Picture taken May 25, 2017. REUTERS/Maxim Shemetov

Eataly, which sells Italian delicacies at stores around the world, is privately owned but Guerra confirmed plans to list around 30 percent of its capital next year.

It also plans to open new outlets in coming years including in Las Vegas, Toronto and the United Arab Emirates. In Europe, Paris and London are also on the list, Guerra said on Thursday.

“In the long term we aspire to reach 100 stores... and go beyond 1 billion euros in sales,” Guerra told a news briefing.

Eataly plans to increase revenue to 690-720 million euros in 2020 from 465 million euros last year. It is also targeting adjusted core profits of 60-65 million euros in 2020, from 25 million euros ($30 million) last year.

The group opened a food inspired theme park in the northern Italian city of Bologna last November. This includes shops, farm animals and eateries serving regional dishes. It will likely post revenue of 50 million euros this year, Guerra said.

($1 = 0.8363 euros)

Reporting by Elisa Anzolin; writing by Francesca Landini, editing by Alexander Smith

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