PPR's Redcats division has entered an agreement to sell its Scandinavian apparel and homeware brands Ellos and Jotex to Nordic Capital Fund VII for EUR275m (US$365m).

PPR, which owns the Gucci, Yves Saint Laurent and Puma brands, said the transaction should be finalised in the coming months after it has been approved by the relevant competition authorities.

The company said the sale of the Scandinavian home shopping brands will mark a further step forward in the restructuring of PPR as it works to focus on its luxury and sportswear businesses.

Nordic Capital Private Equity Funds invest in large and medium-sized companies, primarily in the Nordic region.

PPR has been slowly divesting brands from its Redcats division after it failed to find a buyer for the whole business. The company completed the sale of its OneStopPlus US plus sized clothing business to private equity firms Charlesbank Capital Partners and Webster Capital earlier this month.

The retail group entered into negotiations with Alpha Private Equity Fund 6 (APEF 6) last month for the sale of Redcats' Cyrillus and Vertbaudet children and family clothing brands for EUR119m.

PPR earlier this month said it was confident of continued growth in 2013, after posting an increase in full-year net profit as strong sales of its luxury brands offset weakness in its sports division.