Galeries Layfayette set for global expansion

The iconic Parisian department store Parisian department store Galeries Layfayette could be preparing to buy out rival retailer Printemps, according to reports from Women’s Wear Daily yesterday. The two fashion giants have huge flagship stores in Paris, and Galeries Lafayette’s sprawling store in Dubai has made it a favourite with Emirates-based shoppers too. Recently Galeries Lafayette made public that it has even more significant international expansion plans, with ambitions to open between five and seven new overseas stores before 2015. Rumours have suggested that Ginette Moulin, head of the company's supervisory board, is preparing a bid for Printemps of around €1.6 billion (£1.3 billion), but speculation has been denied by Printemps' owner, the Borletti Group