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MILAN — Put another point on the board for PPR.
This story first appeared in the February 25, 2003 issue of WWD. Subscribe Today.
French retail giant Pinault-Printemps-Redoute acquired another 1.17 million shares of Gucci Group stock between Jan. 28 and this past Thursday, boosting its stake in the luxury house to 59.33 percent from 58.2 percent.
As reported, PPR has pledged to buy all shares of Gucci it doesn’t own in 2004 for $101.50 each. Any purchases made for less than that amount at current market prices represent savings to PPR. Through an affiliate, PPR most recently spent $110.2 million for 1.17 million shares of Gucci, an average of $94 a share.
Acquired at $101.50 a share in 2004, those same shares would have cost $119 million, $8.8 million more.
PPR said Monday in a filing with the U.S. Securities and Exchange Commission that it bought 719,973 shares on the Amsterdam exchange at prices between $91.96 and $94.86 a share for a total of $67.3 million. Dollar figures have been converted from the euro at a current exchange rate of about $1.08 per euro.
During the same period, PPR bought 452,474 shares on the New York Stock Exchange at prices between $93.17 and $94.38 a share for a total of $42.5 million.
PPR said last month it would continue to buy Gucci shares on the market and eventually lift its stake to more than 61 percent. Prior to next year’s deadline, PPR can lift its stake to as high as 70 percent by buying shares on the market.
The purchases were made through PPR’s Societe Civile de Gestion Financiere Marothi subsidiary and Marothi’s Scholefield Goodmann subsidiary.