USA: Nordstrom Completes Purchase Of Faconnable
Nordstrom today completed its acquisition of French company Faconnable, S.A. Faconnable is a designer, wholesaler and retailer of high quality men's and women's apparel and accessories. The purchase price consisted of two parts: $88m in cash, and approximately 5.1 million shares of newly-issued Nordstrom common stock. The total cost to Nordstrom is $167m. There is also the possibility of an additional cash payment after five years based on performance of the brand and the continued active involvement of the principals in Faconnable, S. A., Albert Goldberg and Jean Pierre Benaym. "This acquisition opens some exciting new opportunities for us," said Nordstrom president Blake Nordstrom. "Faconnable is one of our fastest growing, best-selling lines. It has excellent potential to further expand in both the US and in major markets worldwide." Faconnable's classic men's and women's apparel and accessories are currently sold in the US exclusively by Nordstrom. The brand is also sold by retailers in 23 other nations, primarily in Europe, but also including areas of Central and South America, the Middle East and the Far East.
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