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PPR CEO drops Chinese acquisition hint Tuesday, 10th July 2012
Photo credit: Yves Saint Laurent campaign Spring 2011
The multinational trading company is thought to be on the verge of acquiring a Chinese brand to boost its presence in the burgeoning Asian economy.
According to a report by WWD, PPR chief executive François-Henri Pinault told the Hong Kong Economic Times that talks were still at an early stage, but an acquisition could be announced by the end of the year.
The move would be in line with PPR’s recent strategy in shedding its retail brands in favour of luxury and sports labels. The Gucci Group, Yves Saint Laurent, Boucheron and Bottega Veneta has made it well known that it intends to sell of its mail order retailer Redcats and electronics and books business Fnac, as soon as market conditions improve.