PARIS — The weak euro should have little effect on 2010 sales at retail-to-luxury group PPR, since any negative hedging effects will be compensated by its favorable impact on the conversion of revenues from subsidiaries outside the euro zone, PPR chairman and chief executive officer François-Henri Pinault said Wednesday.
“The inefficiency of our foreign exchange hedges, if the euro remains at this level, will be largely compensated by the conversion effects of foreign subsidiaries at the group level this year,” Pinault told the annual meeting of shareholders here.
The PPR chief also reiterated that he was looking to sell his retail activities, including books and electronics retailer Fnac and furniture chain Conforama, and subsequently reinforce the group’s luxury portfolio through targeted acquisitions — but that he was in no hurry.
Responding to a shareholder’s question about the expansion of Coach Inc. into Europe, Pinault noted that PPR did not directly compete with the American accessories brand, but could be interested in acquiring a brand in the same lower-price category. “Not Coach though, it’s too expensive for us,” he hastened to add.
Asked about the prospect of a share split, PPR chief financial officer Jean-François Palus said the group might consider a 2-to-1 or 3-to-1 division if its share price continues to rise. PPR shares closed down 4.1 percent on Wednesday at 100.30 euros, or $124 at current exchange rates, having more than doubled in value since the start of 2009.
The group took advantage of the meeting to award its first company-wide Innovation and Sustainable Development Prize. The first prize of 25,000 euros, or $30,880, went to Puma Switzerland for designing a carbon-neutral store for India that should become a template for other stores.
By an overwhelming majority, shareholders approved the nomination of three women to the board: Laurence Boone, chief economist at Barclays Capital France; Yseulys Costes, chairman and ceo of advertising, marketing and research firm 1000mercis.com, and Caroline Puel, chief correspondent for Le Point in Northeast Asia.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)