French PPR reports 15.1 percent rise in its profit

By Maragarita Snegireva. French retailer PPR announced a 15.1 percent rise in its gains in fourth quarter due to acquiring sportswear group Puma. It also reported putting its Surcouf electronics chain up for sale.

Photo: French PPR reports 15.1 percent rise in its profit

Its plan to exit Surcouf came a day after PPR announced its intention to sell its YSL Beaute cosmetics division to L'Oreal. Analysts had often questioned the future of both Surcouf and YSL Beaute in the group.

PPR is a French multinational holding company specializing in retail shops and luxury brands. The company was created by the billionaire businessman François Pinault and is now run by his son François-Henri Pinault. It is quoted on Euronext Paris and is a constituent of the CAC 40 index. It was originally called Pinault-Printemps-Redoute, but changed its name on 18 May 2005 to simply PPR. On June 20, 2006, PPR announced that it had entered into exclusive negotiations pertaining to the sale of France Printemps after receiving a joint offer from RREEF and Borletti Group for €1.075 billion. PPR's chief competitors in luxury goods conglomerates are LVMH and Richemont.