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Fauchon announces expansion plans

French luxury food group Fauchon has revealed plans to add 40 stores to its global network of 60 by 2017, a move that aims to meet Middle Eastern and Asian appetite for delicacies, Reuters has reported. "We are on track to double in size," said CEO Eric Vincent, who joined Fauchon in February 2013. Fauchon already makes 80% of its sales abroad and has been expanding in Asia and the Middle-East through subsidiaries in Dubai, Hong-Kong and Tokyo, opening gift stores and restaurants to cater to well-heeled shoppers with a taste for gourmet food.