Aeon Names China Department Store Head After CNY160 Million Loss

Japanese retail group Aeon announced that Zhu Jing, managing director of Aeon, has been officially appointed president of Aeon China Company Limited.

Zhu now becomes the highest decision maker for Aeon Group in the China region. This appointment was reportedly made following the continuous profit decline of Aeon China. According to the latest performance report of the company, its Chinese mainland business made CNY160 million losses in 2013.

Aeon's latest financial report shows that during the year of 2013, its operating revenue in mainland China increased by 16.9% to CNY4.54 billion; however, it still made losses of CNY160 million. In 2012, Aeon Group's net profit decreased by 41% and the group believed that one of the major causes of the unsatisfied performance was the net profit decline in the Chinese market. In addition, the company said that the decline of Chinese business was due to the slowdown of economic growth, lower than expected sales of new stores, and the ever-increasing expense of labor, rent, and administration.

Zhu graduated from the business school of Keio University in Japan in 1991 and joined Jusco, which is currently known as Aeon, in the same year. Starting from 2002, Zhu led business development and corporate affairs in Hong Kong and Shenzhen. In 2006, she was in charge of the preparation and construction of Aeon International Shopping Center and successfully established Aeon's first suburban shopping center in China.