LONDON — Nanjing Cenbest, otherwise known as Nanjing Xinjiekou Deparment Store Co. Ltd., a Chinese department store chain and a subsidiary of the Chinese conglomerate Sanpower Group, said Saturday that it has signeda definitive agreement to acquire 89 percent of the U.K. department store group House of Fraser, in a deal that values House of Fraser at around 480 million pounds, or $804.3 million at current exchange.
The deal, announced in a joint statement from Nanjing and House of Fraser, comes after weeks of talks between the two firms.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)