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government-trade

Galeries Lafayette to Sell Stake in Credit Firm

French department store operator continues to streamline operations.

PARIS — Groupe Galeries Lafayette said Wednesday that it would sell its 50 percent stake in consumer credit company LaSer/Cofinoga.

 

The retailer’s partner in the venture since 2005, BNP Paribas Personal Finance, is to exercise its put option and buy out Galeries’ stake, giving it full control. Terms were not disclosed, and it is understood the two parties have yet to negotiate the price.

 

Galeries noted LaSer/Cofinoga would remain its privileged credit partner for its brands and banners.

 

Galeries Lafayette has been streamlining operations to focus on its core business of department stores. It has also expressed ambitions to acquire mid- to high-end brands in the ready-to-wear and accessories categories.

 

It operates 59 department store locations in France, and three abroad: in Casablanca, Berlin and Dubai.

 

In June, Galeries said it agreed to sell French retail group Casino its 50 percent stake in their joint venture Monoprix for 1.18 billion euros, or $1.46 billion at current exchange.

 

And in July, the retailer said it had acquired the French jewelry chain Didier Guérin, which operates 34 boutiques in Paris and its environs, for an undisclosed sum.