The firm also said that it plans to set up a unit in the U.K. to complete the acquisition, which will be paid in cash with its own capital and debt. Nanjing Xinjiekou, a Chinese department store group that carries general merchandise, said its board had approved the stake purchase plan. Sanpower Group, Nanjing Xinjiekou’s main shareholder, is a 5.5 billion pound, or $9.14 billion, Nanjing, China-based conglomerate with a portfolio that spans IT, finance, media, real estate, retail and e-commerce.
As reported, Nanjing Xinjiekou’s deal to buy House of Fraser, which has 60 locations across the U.K. and Ireland, values the British business at more than 450 million pounds, or $750 million.
Meanwhile, it was reported over the weekend that Mike Ashley, the founder and executive deputy chairman of the U.K. activewear retailer Sports Direct, had bought an 11 percent stake in House of Fraser from the British retail entrepreneur Sir Tom Hunter, ahead of the deal with Sanpower. A spokeswoman for House of Fraser said that the company had sent legal letters to both parties, reminding them of the proper procedure for transferring shares, as the stake was not formally offered to existing shareholders. However, the spokeswoman said that the situation “has no impact on House of Fraser’s plan to sell to Sanpower Group.”
@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)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)