News

PPR president scotches rumours of Gucci deal

30/04/2001

The deadlock between the European luxury goods houses of Pinault Printemps Redoute (PPR) and LVMH (Möet Hennessy Louis Vuitton) over Gucci looks set to rumble on.

At a financial press briefing last week, the chief executive of PPR, Serge Weinberg, firmly denied rumours that the French retail conglomerate was considering a $10 billion agreement to buy out LVMH’s 20% stake in Gucci. Such a deal would have brought to an end the ongoing war of words between Weinberg and his counterpart at LVMH, Bernard Arnault, which was sparked by PPR taking a 42% stake in Gucci two years ago.

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