Strategy

By Joseph R. Bona, [email protected]

London -- Online sales club Privalia Venta Directa, S.L. said Monday it will acquire Dress for Less, a German online fashion retailer, from Palamon Capital Partners, a pan-European private equity firm.
 
The acquisition will be funded through a combination of $123 million of new equity provided by equity firms General Atlantic, Highland Capital Partners, Index Ventures and Insight Venture Partners.
 
Dress for Less founders Mirco Schultis and Holger Hengstler will become significant shareholders in Privalia.

Get used to that headline. Increased sales of food during the coming year are expected to contribute 1.5% to Target’s same-store sales growth as the company continues it aggressive PFresh remodeling program.

Same-store sales in February advanced 1.8%, and the strongest performance came in the grocery category, where comps increased in the low teens while health care, beauty and other household essentials experienced gains in the mid-to-upper single-digit range. Also showing strength was the apparel category where comps increased in the low-to-mid single-digit range.

Los Angeles -- Guess announced Monday that it has appointed Nancy Shachtman as its president of North America, reporting to Paul Marciano, CEO and vice chairman.

Shactman was previously president of Guess Inc. Wholesale. In her new position, she will oversee the North American retail operations for Guess and Guess by Marciano, as well as Guess Wholesale, including Mexico.

Target is expected to gain about $3 billion in market share during the next few years as the company completes the rollout of its PFresh program, according to Credit Suisse analyst Edward Kelly.

Suffern, N.Y. -- Dressbarn parent Ascena Retail Group announced Monday it has named John Pershing as senior VP human resources over Dressbarn, with additional responsibilities for Ascena Retail Group’s compensation, benefits and human resources information system.

Pershing will report to Jeff Gerstel, executive VP and COO, effective immediately. Pershing succeeds David Montieth, who announced his retirement after 20 years with the company.