Inditex blows off La Rinascente
loading...
Spanish fashion retailer, Inditex SA, has said that it has no plans to acquire Italian clothing chain La Rinascente. A spokesperson for Inditex, known for its Zara brand, said: "We are not interested in the operation." Retailers Inditex, Benetton and Hennes & Mauritz were reputed to be interested in purchasing Gruppo Rinascente's La Rinascente and Upim stores. Inditex is always looking for new opportunities to help expand its business.
Rinascente and Upim have been for sale since last Friday when Ifil, the Turin-based investment company owned by the Agnelli family, decided to sell its 50% stake in Eurofind, the company that owns 99% of the Rinascente share capital. Rinascente owns eight of the 18 stores in Italy and generates annual sales of EUR250 million (GBP180 million). Upim has 147 stores and sales of EUR470 million (GBP338 million).