PPR wants to focus on Gucci
21/09/2011
French luxury brands group PPR has been forced to postpone the sale of its Redcats catalogues and e-commerce business as potential buyers struggle to raise funds amid a worsening economic environment, the Financial Times has reported.
“The auction process has been postponed because of the market position,” the French fashion and retail group said. “The problem is financing – potential bidders cannot finance it.”
PPR wants to sell the business as it focuses on Italian luxury leathergoods brand Gucci.
Redcats, which includes the La Redoute brand, reported sales of $4.71 billion in 2010.
Share this story:
