Nordstrom acquired Nice, France-based Faconnable in 2000 for $169 million. The clothing line has also been sold in the company's department stores since 1989 and will continued to be offered after the close of the transaction, which management expects to complete sometime next month.

M1 executives say they plan to grow the Faconnable chain and expand it into new markets, as well as keep its current management team in place. The family-owned entity, based in Beirut, has mainly invested in telecommunications companies and had been looking to acquire a player in the luxury retail sector.

Nordstrom's sale of Faconnable comes as it has grown its department-store chain. It currently operates 98 full-line stores and plans to open units in Sarasota, FL; Las Vegas and Austin; among other locales, during the next few years.