Luxury group PPR is set to sell off its Printemps department store chain to store group Rinascente's chairman Maurizio Borletti, according to press reports.

The newspaper Les Echos and Agence France Presse newswire said Borletti planned to buy the business for between EUR800m and EUR1bn (US$1.01bn), with the backing of French bank Natexis, citing sources close to the negotiations.  The deal is slated to be signed over the next fortnight.

Les Echos had previously reported that PPR might sell the 17-store-strong chain to a management consortium led by Laurence Danon.

just-style could not immediately reach anyone at PPR for comment.