When it comes to fashion, one day you're in, and the next you're out. Luxury
department store Nordstrom Inc. revamped its core assets by selling its French
design firm Faconnable for $210 million to M1 Group on Thursday. The
divestiture was expected as the New York Post first reported of the possible
deal
last
month. Nordstrom will show a modest gain from the sale as it acquired the
French design firm in 2000 for
$170
million. The buyer will be adding a new wrinkle to its core holdings,
adding to its diversified business based in Beirut that focuses mainly on
telecom, energy and real estate activities. The relationship between Nordstrom
and Faconnable will not entirely be severed. Nordstrom will continue to sell
Faconnable products and brands for the next three years and will re-evaluate
where to go with the relationship at the end of the contract. —Gerald
Magpily
See
Portland Business News via BizJournals.com
See
Seattle PI
See
June 27 Dealscape post
Tags: Nordstrom,
Facconnable,
fashion
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