Nordstrom Inc. has agreed to sell Façonnable for $210 million to the M1 Group, a diversified family-owned company based in Beirut, Lebanon, that's seeking to build a portfolio of luxury and fashion brands.
The $8.7 billion, Seattle-based Nordstrom bought the 57-year-old Faconnable in 2000 for $169 million, but started selling the collection exclusively in its stores in 1989. The brand, which has estimated worldwide sales of about $220 million, has grown into one of Nordstrom's top-five labels in terms of volume.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"