Printemps Bought by The Qataris
The French department-store chain Printemps was bought by Divine Investments SA (or Disa), a fund backed by Qatari investors in a deal reported to be worth around 1.6 billion euros.
It was initially rumored that rival store Galleries Lafayette was interested in the acquisition. As the two fashion giants both have huge stores in Paris. Both of them are much more than a shopping destination, they are flagship stores, Historical Monuments located in the heart of Paris.
Printemps CEO Paolo de Cesare announced back in May that the new owners have supported a five-year expansion plan – expected to create 500 new jobs as well as opening three new stores in the coming years.
“Divine Investments plans to continue the development of the Printemps Group both in Paris and in the rest of France, and to contribute to the international development of this symbol of French fashion and luxury,” a Disa spokesperson declared.
The purchase of iconic Printemps expands Qatar’s portfolio of high-profile investments in France, especially after the country’s purchases of football club Paris Saint Germain and the Virgin-Monoprix building on the Champs Elysees, as well as four French luxury hotels.
