Printemps is now in discussion with Italian business tycoon Maurizio Borletti. In Borletti's corner is a Qatari investment consortium as they seek to bid to gain control of the upscale French department store and tourist enclave.
The discussion revolves around a seventy percent stake in the French retailer, currently owned by Deutsche Bank's real estate subsidiary RREEF. The German banking subsidiary has been seeking to transfer ownership of the firm in the past few months. The Borletti-Qatari group and RREEF are working the final details to transfer the majority stake at a cost of Eur2 billion or about US$2.7 billion.
Printemps has a network of sixteen stores and an employee headcount of 4,000. Its retail turnover from 2011 to 2012 amounted to Eur1.45 billion, a rise of thirteen percent from the previous year.
The Qataris have been increasing its presence in the world of high end retailing and fashion, with the acquisition of fashion brand Valentino for a whopping Eur700 million.
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