Parkson Group, one of the more successful foreign-funded department store chainsin China, has announced the completion of the acquisition of Jiangxi Nanchang K&M Department Store for RMB510 million, from Millionlink Pacific Ltd.

Running for nearly five years, Jiangxi Nanchang K&M Department Store saw sales revenues grow to RMB149.1 million in 2006, up from RMB102.7 million in 2005.

Parkson believes the acquisition in K&M Department Store will help it expand in Nanchang city and Jiangxi Province.

Stimulated by the growth in sales, Parkson in 2006 obtained RMB460.8 million of net profits, seeing a year-on-year increase of 85.8%. This year, it plans to open at least five outlets, said managing director Zhong Rongjun of Parkson.