A deal to sell the Dallas-based luxury chain would be difficult to execute.
Stella will also expand its new product Stella Connect.
The Italian retailer plans to expand in Switzerland, Austria, Slovenia and Hungary.
The entrepreneur becomes president of the Italian company.
Walgreens Boots expects the deal for Rite Aid to close by the end of the year.
The investment firm sees strong potential for the French shirtmaker in the affordable luxury segment.
The company is meant to be transformed into a leading player in the craft and hobbies industry.
The final spin-off and public listing of the new companies is planned for mid-2017.
The deal is part of the French flash sale pioneer’s ongoing expansion through acquisitions in Northern Europe.