PARIS — Groupe Galeries Lafayette announced on Monday it has finalized the sale of its 50 percent stake in consumer credit company LaSer to BNP Paribas Personal Finance, marking the end of a bitter two-year dispute between the partners in the venture.
BNP Paribas Personal Finance was due to exercise its put option and buy out Galeries Lafayette’s stake, giving it full control, but the two parties have consistently disagreed on the price of the shares since the sale was announced in September 2012.
The retailer did not disclose the value of the final deal, but French media reports have estimated its stake to be worth between 140 million euros and 180 million euros, or $191 million to $246 million at current exchange.
Galeries Lafayette has been streamlining operations to focus on its core business of department stores. It has also expressed ambitions to acquire mid- to high-end brands in the ready-to-wear and accessories categories.
Galeries Lafayette noted LaSer would remain its privileged credit partner for its brands and banners.