French chain of luxury department stores Le Printemps has been sold completely to its new Qatari owners. The amount for which the company was bought has not been disclosed, but the investment fund is said to have paid 1.6 billion euro for the 70% of shares owned by Deutsche Bank and the remaining 30% owned by Italian company Borletti.
The buyer is Luxembourg investment fund Divine Investments (DISA), which is completely owned by state fund Qatar Investment Authority. The French competition watchdog had already approved the takeover on 22 July and now the deal has been finalised.
DISA announced in a press release they want “to continue the development of the group Printemps in Paris as well as outside the city” and “to contribute to the international image of this symbol for French fashion and luxury”.
Sixteen locations in France
Currently Le Printemps has sixteen department stores in France, with the flagship store in Paris as absolute showstopper. The company eploys about 3,000 people and had sales of about 1.45 billion euro in 2012.
France is no new territory for the Qatari: they also own several French luxury hotels and other large companies. The public may know them best as owners of French football champions Paris Saint-Germain.