French department store chain in talks to acquire House of Fraser
French department store chain Galeries Lafayette is understood to be in advanced talks to acquire House of Fraser.
According to The Financial Times, the two companies are in exclusive talks and Galeries Lafayette has exclusivity until the end of January.
The newspaper has reported that House of Fraser chairman Don McCarthy may be looking to achieve a price tag of £450 million for a sale.
The news comes as House of Fraser prepares to float on the London Stock Exchange early next year.
Never Miss a Retail Update!House of Fraser has been informally seeking a buyer for the last two years. Previous suitors have included Sports Direct controller Mike Ashley and the company has also held talks with Qatari investors.
Galeries Lafayette operates 65 French and international stores and has recently opened its first store in Beijing.
House of Fraser has 61 stores in the UK and Ireland. Last week, the chain reported that like-for-like sales had risen by 0.8% in the three months to 26 October.
