PARIS — Although Pinault-Printemps-Redoute has become best known for its majority stake in Gucci Group, the retailer remains a multinational conglomerate of widely divergent interests ranging from credit services to wood and building materials....
PARIS — Although Pinault-Printemps-Redoute has become best known for its majority stake in Gucci Group, the retailer remains a multinational conglomerate of widely divergent interests ranging from credit services to wood and building materials.
In fact, French tycoon François Pinault, who holds a 42.2 percent stake in PPR and controls 55.4 percent of voting rights via his Artemis family holding company, built much of his early fortune with his family-owned Pinault Bois & Materiaux wood and construction supplies company.
As indicated in the recently published 2001 annual report, the $2.52 billion in sales from Gucci last year accounted for just 9.1 percent of PPR’s total sales of $27.52 billion.
Meanwhile, PPR’s business-to-business division — including Pinault Bois, the CFAO African export company, and the Rexel electronic components wholesaler — accounted for 45 percent of the group’s total. Together their sales tallied $12.39 billion.
PPR’s retail division top performers are the Fnac music and book chain and the Conforama furniture stores. Together, they accounted for 52.2 percent of the retail division’s $11.83 billion in sales. The Redcats mail-order business, which includes Brylane in North America, accounted for 40 percent of the division’s sales, while the Printemps department stores contributed 7.5 percent of the total. Dollar figures are converted from the euro at current exchange rates.
Last week, PPR hired Denis Olivennes, the former chief operating officer of Canal Plus, Vivendi Universal’s French pay-TV unit, to be second in command to chief executive Serge Weinberg. In this newly created post, he will be responsible for looking after the group’s brands and relationships between them.
Olivennes arrives at a key time for the group. PPR’s stock has lost almost 45 percent of its value on the Paris Bourse since January. Financial markets have questioned the group’s widely diversified strategy and heavy debt load.
There has also been speculation that PPR will slowly reduce its business-to-business activities in favor of retail and luxury, which boast higher profit margins. Last month, it sold the mail-order subsidiary of Guilbert to Staples Inc. for $808 million.
At that time, Weinberg was quoted as saying that PPR would slowly reconfigure the profile of the group. Olivennes could be a key architect in this.Meanwhile, French press reports have cited rumors that PPR is shopping around Rexel. Weinberg Thursday declined all comment on the matter.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)