French competition watchdog clears Tati's sale to rival Gifi
PARIS (Reuters) - The French competition watchdog on Tuesday cleared the sale of Tati, the country's iconic cut-price shop, to domestic rival Gifi, on the condition it sold four stores.
Tati, well-known in France for its bright pink logo, started in 1948 when Jules Ouaki, a Tunisian and pioneer in the low-cost textile market, opened the first store in Paris' immigrant district of Barbes, just downhill from the Sacre Coeur church.
However, it had been racking up losses amid increasing competition from low-cost fashion retail giants such as H&M (HMb.ST), Zara (ITX.MC) and Primark (ABF.L).
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)
