Nordstrom Inc., Seattle, WA, has signed a definitive agreement to acquire 100% of Faconnable, S.A., of Nice, France. The price tag, including $88 million in cash, and about 5 million shares of newly-issued Nordstrom common stock, totals approximately $170 million.
An additional cash payment is possible in five years based on brand performance and the continued involvement of Faconnable principles, Albert Goldberg and Jean Pierre Benaym. Other management and staff are expected to remain with the firm, which will become a subsidiary of Nordstrom Inc.
Faconnable's men's and women's apparel and accessories are sold in the US exclusively by Nordstrom, Inc. and by retailers in 23 other nations.
In early September, Nordstrom signed a letter of intent to acquire the French company, calling it one of its top-selling brands.
