PARIS — Will PPR, the French retail giant that owns Gucci Group, unload its Printemps department store chain?
Speculation is building here that a deal could be imminent. A spokesman for PPR declined Wednesday to comment on "rumors."
But a possible divestiture of the chain's 17 stores, including the Boulevard Haussmann flagship here, has garnered attention for about a year. And the market applauded the scenario of PPR selling the low-margin retailer to concentrate more on luxury holdings, as its stock gained 2.3 percent to close at 91.70 euros, or $114.90 at current exchange, in trading on the Paris Bourse.
France's Galeries Lafayette, Italy's Rinascente and Spain's El Corte Ingles are considered potential bidders.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)