Warburg Pincus Buys Into Red Star Furniture

(Reuters) – Chinese retailer Red Star Furniture Group got a cash injection of 2.6 billion yuan ($381 million) from U.S. private equity firm Warburg Pincus and several other investors to help fund its expansion.

Red Star, which operates 66 retail outlets in China, selling furniture and home furnishings, aims to expand the number of its stores to 200 by 2020, it said in a statement over the weekend.

In 2007, Warburg Pincus had invested more than 1 billion yuan in Red Star, which so far got combined outside investment of 3.8 billion yuan, it added. ($1=6.826 Yuan) (Reporting by Fang Yan and Jacqueline Wong)