FRANCE: Qatari investors near Printemps and Borletti acquisition
Qatari investors are on the verge of acquiring 100% of the French department store chain Printemps for an estimated EUR1.6bn (US$2.1bn), as well as purchasing the Borletti Group which owns Italian retail chain, La Rinascente.
In February, the Borletti Group and Qarari investors began exclusive negotiations with Deutsche Bank's real estate arm, Rreef, to acquire its 70% stake in Printemps, with the Italian investment group holding the remaining 30% of the chain's capital.
However, just-style understands that Printemps' works council was informed last week that the Qatari investors, thought to be Qatar Holding, the operating arm of the nation's sovereign fund, are proposing to acquire the totality of Printemps capital, includng Borletti's stake.
Assurances had been given to the council that there would be no threat to the jobs of Printemps 3,400-strong workforce and that the company's management team would be retained.
Printemps has a chain of 21 stores across France, including its flagship outlet on the prestigious boulevard Haussmann inParis city centre.
In February, just-style reported that Galeries Lafayette had made a counter-offer to acquire Printemps, after an earlier EUR1.8bn bid was turned down.
Galeries Lafayette was proposing to team up with the same Qatari investors as Borletti.
Help test our new apparel sourcing tool.
US clothing company Fifth & Pacific has admitted its second quarter results were weaker than expected as sales growth slipped at its denim label Lucky Brand....
Qatar-backed Tamburi Investment Partners (TIP) has completed its acquisition of French department store chain Printemps, in a deal that is estimated to be worth EUR1.8bn (US$2.4bn)....
- Why collaboration is key to fashion supply chains
- Rana Plaza four years on – Timeline of change
- Industry groups reaffirm commitment to Bangladesh
- Trump and Brexit get a dose of pragmatism
- Using worker surveys to drive supply chain change
- Adidas to digitalise Speedfactory concept
- Nike filed patent for "reinforced denim"
- M&S extends sourcing deal with Lindsey brothers
- US Q1 in brief – Columbia Sportswear, Amazon
- Lenzing unveils new sustainability strategy
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Outdoor performance apparel 2016: A broader perspective
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar