PARIS — Carrefour said Monday it had signed a memorandum of understanding with real estate investment firm Klépierre to buy 127 shopping malls in France, Spain and Italy for a total of 2 billion euros, or $2.7 billion at current exchange, as part of a plan to boost its European hypermarket business.
The world’s second-largest retailer behind Wal-Mart Stores Inc. said it would create a company encompassing a total of 172 shopping malls adjoining its hypermarkets.
It will own a 42 percent stake in the venture, paying 100 million euros, or $136 million, in cash and contributing 45 malls in France worth 700 million euros, or $952 million, to the new company. Unidentified institutional investors are to hold the remaining 58 percent.
“With over 800,000 square meters of retail space, assets of 2.7 billion euros and a value-creating renovation and extension plan, the company will rank among the leading European shopping mall companies,” Carrefour stated.
The company will be financed through 1.8 billion euros, or $2.45 billion, in equity and 900 million euros, or $1.2 billion, in debt.
Carrefour plans to spend 100 million euros a year over five years on renovating and extending those sites with the strongest potential for growth, a spokeswoman for the group said.
The deal will bring Carrefour greater control of the sites around its hypermarkets as it battles to lure back customers against growing competition from specialists and online retailers.
The 172 malls — 57 in France, 63 in Spain and seven in Italy — have a combined gross annual rental income of around 180 million euros, or $245 million.
The transaction will be submitted for consultation to employee representative bodies and should close in the first half of 2014, pending final agreement between the parties and the approval of the relevant regulatory authorities.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
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@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)