Galeries Lafayette to acquire UK’s House of Fraser

According to a report by the FT, French luxury department store group Galeries Lafayette is in advanced talks to acquire UK’s House of Fraser chain of department stores for an estimated 530 million euros. House of Fraser which is owned by entrepreneur Don McCarthy, operates 61 stores throughout the U.K and registered a turnover of GBP ,2 billion in 2012. In 2012 Galeries Lafayette’s turnover exceeded 3,7 billion euros.

House of Fraser store, London