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AuMake announces $14m acquisition

Chinese multi-million dollar retailer AuMake today announced a $14.18 million acquisition of a global Chinese tourist network.

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AuMake International Limited on Wednesday announced the acquisition of Broadway, a Chinese tourist focused affiliated retail network with eight stores in Australia and New Zealand.

The news brings AuMake’s retail footprint to 25 stores just months after the retailer raised $7 million in capital.

The acquisition places AuMake as one of the leading players in cross-border retail trade between China and Australia and New Zealand, with the inbound Chinese tourist market estimated to be $2 billion.

Broadway Group has been operating for 20 years with relationships with inbound tourist operators in Australia and China.

Tourism Research Australia (TRA) forecasts that between 2016–17 and 2026–27 inbound arrivals from China will increase from 1.3 million to 3.9 million.

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The company says the acquisition will drive the company’s financial performance by allowing them to capitalise on the conversion of Broadway customers to online, increase sales of products and boost the number of tourists in their brick-and-mortar stores.