PARIS — Printemps Holding France SAS and French media holding company TF1 Group said they have entered into exclusive negotiations for Printemps to acquire an 80 percent stake in fashion e-commerce site Place des Tendances.
This story first appeared in the October 18, 2013 issue of WWD. Subscribe Today.
Printemps also plans to buy the remaining 20 percent held by founders Christine Feuchot and Bertrand Rochebillard, who will remain at the company. Launched in 2008, Place des Tendances offers collections by more than 200 brands and is held by TF1 via its Téléshopping subsidiary.
“An agreement could be signed in the coming weeks, once the negotiations have been finalized and the necessary procedures with the relevant employee representative bodies completed,” the two companies said Thursday.
A spokeswoman for Printemps said she could not provide further information at this stage because of French laws requiring that labor unions give their opinion on any planned acquisition or divestment.
The Printemps group owns and operates 16 department stores plus lifestyle subsidiary Citadium. The retailer is under new ownership after French competition authorities this summer approved its acquisition by Qatari-backed investment fund Divine Investments SA, or Disa.
RELATED STORY: French Court Rejects Bid to Block Printemps Sale >>