FRANCE: PPR to float CFAO distribution arm
Luxury lifestyle company PPR is to float its CFAO specialist distribution business on the Euronext Paris stock exchange by the end of the year, the company said.
The plan, which PPR said is subject to favourable market conditions, could earn the company as much as EUR500m (US$735m), depending on the size of the stake offered, according to unconfirmed reports.
"The proposed flotation of CFAO is in line with the group's strategy of refocusing its business," said François-Henri Pinault, chairman and CEO of PPR.
"This project is a further step in PPR's growth strategy to focus on a coherent group of internationally recognised lifestyle brands, both in the broader consumer and luxury markets."
CFAO is a specialised distribution business, focused on cars and pharmaceutical products, and is particularly strong in African markets.
PPR, the owner of brands including Gucci and Yves Saint Laurent, said the specific terms and timeline of the flotation would be announced at a later date.
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