Nordstrom, Inc. Announces Intent to Acquire French Apparel Company, Façonnable, S.A.
SEATTLE - Sept. 6, 2000 - Nordstrom, Inc. (NYSE: JWN) announced today it has signed a letter of intent to acquire Façonnable, S.A., a noted French company which designs high quality men’s and women’s apparel and accessories.
The transaction is subject to completion of due diligence and final negotiation of a definitive agreement. Nordstrom will provide an update on the status of the proposed transaction within six weeks.
Created by noted French designer Albert Goldberg, Façonnable’s classic men’s and women’s apparel and accessories are sold in the US by Nordstrom, Inc. The brand is also sold by certain retailers in 23 other nations, primarily in Europe, but also including areas of Central and South America, the Middle East and the Far East.
"We at Façonnable are delighted at the prospect of becoming part of Nordstrom," said Albert Goldberg, Directeur Général of Façonnable, S. A. "We have partnered with Nordstrom for many years as they successfully introduced our line into the US. We look forward to the opportunity to further expand the Façonnable brand worldwide as a part of their company."
"We see the potential acquisition of Façonnable as a significant step for Nordstrom," said Gail Cottle, president of Nordstrom Product Group. "We believe Façonnable could become a dominant brand leader around the world," she said.
Nordstrom currently owns exclusive rights to distribute Façonnable products within the United States, and has been selling Façonnable-designed merchandise since 1989. Façonnable is one of Nordstrom’s top-selling brands.
Should the acquisition be completed, current Façonnable S.A. management and staff, including designer Goldberg and his business partner, Jean-Pierre Benaym, are expected to remain with the firm.
Nordstrom, Inc. is one of the nation’s leading fashion specialty retailers, with 114 stores located in 23 states, including 75 full-line stores, 33 Nordstrom Racks, three Façonnable boutiques, two free-standing shoe stores, and one clearance store. The company also serves customers online at NORDSTROM.com and NORDSTROMshoes.com, as well as through its direct mail catalogs.
Certain statements in this news release contain "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties, including successful negotiation and closing of the described action; related financing matters; the capital markets; compliance with laws, including foreign laws; planned capital expenditures; and trends in company operations; fashion trends and consumer apparel buying patterns, and operating costs and expenses; weather conditions; hazards of nature such as earthquakes and floods; employee relations; the company’s ability to continue its expansion plans; and the impact of economic and competitive market forces. Our SEC reports may contain other information on these and other factors which could affect our financial results and cause actual results to differ from any forward-looking information we may provide.