Is Galeries Lafayette Buying House Of Fraser?

Galeries Lafayette  is reportedly in "advanced stage" talks to buy British department store House of Fraser, which is set to float on the London Stock Exchange early next year.

The family-controlled French retailer has exclusivity until the end of January, the Financial Times reports, after which the British company may conduct a "dual-track" process - continuing with talks while preparing for the IPO. House of Fraser chairman Don McCarthy is said to be keen to achieve at least £450 million from a sale, while stock exchange analysts have valued the company at closer to £350 million.

Galeries Lafayette

The companies are a similar size in terms of doors - with the British company managing 61 stores in the UK, while its potential buyer controls 65 stores in its native France and abroad. Galeries Lafayette has been conducting an international expansion in recent months, opening its first overseas store in Beijing in October.

Earlier this month, it was also reported that Galeries Lafayette had its eye on Parisian rival Printemps, although no confirmation has followed the rumours.