Galeries Lafayette is rumoured to be in the “advanced stage” of talks to buy department store House of Fraser. The family-controlled French retailer is said to have until the end of January to decide, after which the British company many conduct a “dual-track” process.
Chairman of House of Fraser, Don McCarthy, is anticipating to achieve at least £450 million from a sale, while stock exchange analysts have valued the business closer to the £350 million mark.
Earlier this month it was reported that Galeries Lafayette was keeping an eye on Parisian rival Printemps. Watch this space.