M1 Group

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The M1 Group is an investment firm based in Beirut, Lebanon mostly controlled by the members of the Mikati family.

In July, 2007 the M1 Group finalized a deal with the retailer Nordstrom to acquire the Façonnable apparel and retail line.Under the direction of Yonni Mrejen, the newly named vice-president of U.S. retail and operations, the upscale French brand is putting the final touches on a strategy to rejuvenate the label in the American market.

Plans include expanding to 20 retail locations by 2010 from the four currently in operation, revamping the store design and taking a more aggressive wholesale posture. Right now, Façonnable is wholesaled only at Nordstrom, which owned the brand until last July when it sold it for $210 million to the M1 Group, a diversified, family-owned company based in Beirut, Lebanon. Seattle-based Nordstrom had sold the line in its stores since 1989 and bought the company in 2000 for $169 million. It remains one of the chain’s top-selling brands.

Mrejen said that upon completion of the sale to M1, Nordstrom agreed to give up its exclusivity rights to the Façonnable merchandise, allowing other upscale retailers to add the brand.