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Lafayette, Wanda plan to acquire French retailer Printemps

RBR Staff Writer Published 14 January 2013

French department store group Galeries Lafayette and Chinese conglomerate Wanda are in race to buy department store chain Printemps for €1.6bn.

Lafayette, which lost an acquisition bid for the chain previously in 2006, is keen on acquiring the brand, reported pie-mag.com.

The acquisition is expected to boost Lafayette's retail space to 110,000m2 in central Paris.

Following the acquisition, the chain is aiming to develop a global retail brand with annual sales of €6.5bn.

Chinese conglomerate Wanda has also expressed its interest in acquiring the chain that would boost its business in the new market.