USA: Nordstrom To Buy French Apparel Company, Faconnable
Nordstrom, Inc (NYSE:JWN) announced today it has signed a letter of intent to acquire Faconnable, S.A, a noted French company which designs high quality men's and women's apparel and accessories. The transaction is subject to completion of due diligence and final negotiation of a definitive agreement. Nordstrom will provide an update on the status of the proposed transaction within six weeks. Created by noted French designer Albert Goldberg, Faconnable's classic men's and women's apparel and accessories are sold in the US by Nordstrom, Inc. The brand is also sold by certain retailers in 23 other nations, primarily in Europe, but also including areas of Central and South America, the Middle East and the Far East. "We at Faconnable are delighted at the prospect of becoming part of Nordstrom," said Albert Goldberg, directeur general of Faconnable, S.A. "We have partnered with Nordstrom for many years as they successfully introduced our line into the US. We look forward to the opportunity to further expand the Faconnable brand worldwide as a part of their company." "We see the potential acquisition of Faconnable as a significant step for Nordstrom," said Gail Cottle, president of Nordstrom Product Group. "We believe Faconnable could become a dominant brand leader around the world," she said. Nordstrom currently owns exclusive rights to distribute Faconnable products within the United States, and has been selling Faconnable-designed merchandise since 1989. Faconnable is one of Nordstrom's top-selling brands. Should the acquisition be completed, current Faconnable S.A management and staff, including designer Goldberg and his business partner, Jean-Pierre Benaym, are expected to remain with the firm.
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