Galeries Lafayette could acquire Printemps
After reports by Les Echos daily, last week, that China’s Dalian Wanda Group was eager to buy Parisian department store Printemps, rival Galeries Lafayette, is reportedly set to launch a takeover offer for rival Printemps. According to a report in local weekly Challenges, Galeries Lafayette is ready to offer just over €1.5bn for the deal. A merger of the two chains would create a department store giant, with revenues of €6.5bn and operations in Europe, the Middle East & North Africa, Southeast & East Asia, and the US. Lafayette has previously lost out on buying Printemps, which was sold by PPR to a consortium led by Deutsche Bank in 2006 for €1bn.