By Petah Marian
House of Fraser has remained tight-lipped on rumours that it is in advanced talks to be acquired by French department store operator Galeries Lafayette.
The retailer declined to comment on the Financial Times report which said the two are in exclusive talks and Galeries Lafayette has exclusivity until the end of January. House of Fraser has reportedly hired Rothschild to manage the process.
Chairman Don McCarthy was looking for at least £450 million from a sale, the FT reported.
The talks come as House of Fraser prepares to float on the London Stock Exchange early next year, in a move that could value it at £350 million.
House of Fraser has large watch departments that sell brands including Casio, Roamer, Skagen, Mondaine, Michael Kors, Marc by Marc Jacobs and Citizen.