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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Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
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