- Prachi Singh |
The Galeries Lafayette group, via its holding company Motier has acquired a 51 percent majority stake in La Redoute following the approval of the relevant French and international regulatory authorities. The company said in a statement that the Galeries Lafayette group maintains its objective of owning 100 percent of La Redoute in the future.
This transaction, the company added, represents a major milestone for the group, whose shared ambition with La Redoute is to create a new leading omni-channel retail player, specialised in fashion and home furnishings, with French roots and an international outreach. It creates the leading player in the French apparel market in terms of revenues.
Galeries Lafayette is a family-run private group, with 120 years’ history in commerce and retail. With retail sales of 3.8 billion euros (4.7 billion dollars), the group enjoys international recognition through its iconic brands: Galeries Lafayette, BHV Marais, RQZ - Royal Quartz Paris, Louis Pion, Guérin Joaillerie, InstantLuxe.com and BazarChic.
Picture:Galeries Lafayette media centre