The world’s largest women’s footwear company has just announced a $5.4 billion (1.1 billion euro) takeover of the U.S. fashion retailer Lulululemans.
The move marks the second largest acquisition in Lulus history, with the previous deal worth $3.4 million.
The new deal will combine Lulus fashion, retail and consumer brands with a stake in the company in a joint venture that will focus on consumer, lifestyle and lifestyle-related products.
“Lululemen has the most dedicated and loyal customers in the world, and this acquisition will make us even more competitive with our competitors, and will make the company more powerful for our customers and our brands,” Lulu CEO Sarah Lului said in a statement.
The company’s first U.K. store, Lulules, closed in August.
Lulu, a French-Canadian company, has more than 2.5 million employees worldwide.
Shares of Lululiuellas fell 2.4 percent in late-morning trading on the New York Stock Exchange.
The shares were down by 2.2 percent in early trading.