Three questions to François-Henri Pinault
The announcement of the sale of Printemps is an ideal opportunity for PPR’s Chairman to remind us of the Group’s strategy and positioning: to develop its activities in the Luxury Goods and Retail sectors and to pursue an organic growth strategy with an emphasis on international development.
Printemps has embarked on a new chapter in its history. PPR, the owner of the department store chain, has announced plans for the sale of Printemps to RREEF, a real-estate investment funds manager, in partnership with the Borletti family group, the founders of the Rinascente department store chain. François-Henri Pinault, PPR’s Chairman talks to us about this sale and confirms the Group’s strategy. Interview.
What factors influenced your choice of buyer?
We decided in favour of the RREEF project since it brings Printemps strong guarantees in terms of staff, operations and finance. RREEF is already a shareholder of the Rinascente group, whose positioning is similar to that of the Printemps stores. Their plans are consistent with Printemps’ strategy and actions. Over the next few years, RREEF and the Borletti group intend to make major investments in France Printemps to help the group become a leading force in the European retail sector.
How has Printemps developed since it became part of your Group?
Since it was purchased by PPR in 1992, France Printemps has developed rapidly to become a chain of department stores specialising in fashion, accessories and beauty products. Printemps has become a household name in France and abroad, in particular thanks to its flagship store on Boulevard Haussmann - Paris. Printemps is now entering the second phase of its development.
Does this sale indicate a change in the Group’s strategy?
No. Although this marks the end of an important chapter in PPR’s history, I would like to reiterate that PPR remains committed to developing its activities in its two core businesses, Luxury Goods and Distribution. This model gives the Group its unique positioning. Since its creation, this business diversification enabled the Group to maintain above-average growth and profitability levels in its markets. PPR is focusing renewed efforts on its strategy of organic growth with an emphasis on international development.
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