PARIS – PPR on Tuesday said it would sell its Printemps department stores, ending longstanding speculation here that the parent of Italy’s Gucci Group was eager to unload the low-margin business.
PPR said it had entered exclusive negations with RREEF, the fund that oversees the real estate portfolio of Italy’s La Rinascente department stores, and the Borletti Group, controlled by La Rinascente’s chairman, Maurizio Borletti, to sell Printemp’s 17 stores, including its landmark Boulevard Haussmann store, for 1.075 billion euros, or $1.33 billion at current exchange.
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