PARIS — Motier, the holding company of the family that owns Groupe Galeries Lafayette, said Monday it has bought 44.2 million shares in Carrefour, equivalent to 6.1 percent of the French retailer’s share capital.
Financial terms were not disclosed.
Motier is the investment arm of the Moulin family, which owns 100 percent of Groupe Galeries Lafayette. It is presided by Ginette Moulin, who heads the supervisory board of Galeries Lafayette and is the granddaughter of the group’s founder.
Motier said its acquisition was a long-term investment that reflected its confidence in the growth potential of Carrefour, the world’s second-largest retailer behind Wal-Mart Stores Inc. Motier will also dedicate the necessary resources to developing its core department store activity over the next few years, it added.
Carrefour reported last month that group share of net profits increased 0.3 percent to 1.26 billion euros, or $1.72 billion at average exchange, in 2013 as it continued to reap the benefits of its turnaround plan.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)