Virgin's French Stores Sold
Herbert R. Lottman -- Publishers Weekly, 8/13/2001
In a retail trade engaged in a fight to the finish with FNAC's killer multimedia chain, attention in France is focusing on a realignment of mega-distribution channels, following Virgin founder Richard Branson's sale of 14 French mixed-media Virgin Megastores (plus two railway station outlets). He sold the outlets to Lagardère Media, via the latter's Hachette Distribution Services, which already controls a nationwide chain of press and book outlets. The purchase price of the megastores is said to be upward of one billion francs ($134-plus million).
With the purchase of the megastores, Lagardère/Hachette gained license to use the Virgin Megastore and Virgin brands for future stores in France and elsewhere in Europe, notably in Spain and Italy.
