Galeries Lafayette, the French department store, is said to be preparing a bid to buy out Printemps, its French rival retailer. Both fashion giants have multi-story flagship stores in Paris located next to each other. According to Challenges, a French business magazine, Galeries Lafayette would be ready to spend approximately €1.6 billion on the buyout. Wanda, a Chinese conglomerate with an annual turnover of €18 billion, is said to also be interested in the takeover. A merger of Galeries Lafayette and Printemps would create a retail giant with annual revenues around €6.5 billion and operations in Europe, the Middle East, North Africa, Asia and the U.S. Galeries Lafayette had previously lost out in competition to take over Printemps, which was sold by PPR to a consortium, led by Deutsche Bank in 2006, that controls Italy's Rinascente as well.