MILAN — Continuing the piecemeal disposal of its remaining retail assets, PPR said its Redcats division has reached an agreement to sell two Nordic brands for an enterprise value of 275 million euros, or $362.7 million at current exchange.
Nordic Capital Fund VII is to purchase the Ellos and Jotex businesses, which sell apparel and home wares respectively in the Scandinavian market.
PPR is exiting retail to focus on apparel and accessories in the luxury and sports-lifestyle segments. Last year, it revealed plans to demerge and float Fnac, a struggling retailer of books, music and home electronics.
The French group said the Nordic transaction should be finalized in the coming months.
Assets remaining in Redcats’ sprawling portfolio include La Redoute and Daxon.
PPR’s stable of brands includes Gucci, Yves Saint Laurent, Balenciaga, Stella McCartney, Bottega Veneta, Puma, Volcom and its latest additions, London designer firm Christopher Kane and the Chinese jeweler Qeelin.
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