By  on April 17, 2013

PARIS — Kering said Wednesday its board of directors has unanimously approved the conglomerate’s plans to demerge and float Fnac, a struggling retailer of books, music and home electronics, paving the way for a listing on the Euronext Paris stock exchange on June 20.

The plan, unveiled in October 2012, has also been approved by the works councils of Groupe Fnac and Kering. Formerly known as PPR, the group recently unveiled plans to change its name to mark its transformation into a pure player in apparel and accessories.

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