BoF compiles the most important professional moves of the week.
SHANGHAI, China — Nanjing Xinjiekou Department Store Co. will buy an 89 percent stake in Highland Group Holdings Ltd., which owns U.K. department store chain House of Fraser, the Chinese company said today.
LONDON, United Kingdom — House of Fraser said a dispute over a share sale won’t derail the UK. department-store chain’s plans to sell the business to China’s Sanpower Group.
U.K. department-store chain House of Fraser ended talks to be acquired by French retailer Galeries Lafayette, two people familiar with the matter said. House of Fraser, which has about 60 stores in the U.K. and Ireland, will instead press ahead with plans for an initial public offering later this year, said the people, who declined to be identified because the matter is private. The Financial Times reported the U.K. retailer’s
For French Connection, a U-Turn, Nicole Farhi Brand Sold (WSJ) “The British French Connection, known for its sassy and borderline-profane marketing, plans to close most of its U.S. stores and sell its Nicole Farhi brand, serving up a cautionary tale for Zeitgeist-chasing fashion retailers that fail to adjust to a rapidly changing market.” House Of Fraser Set To Expand As Sales Jump 10% (WSJ) “U.K. and Ireland
The Future Of Fashion, Part Three: Hedi Slimane (Style.com) “[Slimane] has been both an insider (as, among other things, the highly influential designer of Dior Homme from 2000 to 2007) and an outsider… Here, he discusses today’s ‘costly and overwhelming fashion avalanche’.” House of Fraser eyes Middle East expansion (FT) “House of Fraser is set to announce plans to expand into the Middle East,
BlackRock bets on Saks (New York Post) “BlackRock raised its stake in Saks to 12.7 percent, bolstering the investment fund’s profile among financial and retail heavyweights with a big bet on the luxury chain. The giant money-management firm said it bought 20.3 million shares in the owner of Saks Fifth Avenue ‘in the ordinary course of business.’” House of Fraser celebrates Christmas cheer (Times)