French department store chain Printemps is the possible subject of a management buyout led by Laurence Danon. With the financial support of Deutsche Bank, Danon is paying parent company PPR more than â‚¬1.1 billion for the chain, reports French daily Les Echos.
Last week, rumours surrounding the possible sale of Printemps by PPR reached a fever pitch. It was said that the retail giant was choosing to concentrate more on luxury goods. According to Les Echos, PPR would confirm the decision after business on Monday. The retailer has, however, refused to comment. French press bureau AFP reported on Monday that Italian Maurizio Borletti had bought the chain for less than â‚¬1.1 billion. Borletti is chief executive of La Rinascente and its biggest shareholder. According to AFP he is receiving financial support from the French bank Natexis.
Printemps has 17 stores in France, of which the most famous is located in the heart of Paris. Last year it generated 40 percent of the total Printemps turnover of â‚¬752 million.
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