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French luxury group PPR to sell US retail brand
Thursday - 12/6/2012, 1:59am EST
PARIS (AP) - French retailer PPR is selling its American plus-size clothing business to two private equity firms.
The company behind Gucci has been jettisoning its retail businesses in recent months and doubling down on its luxury brands, which have remained resilient despite slowing global growth.
PPR announced late Wednesday that it had reached an agreement with Massachusetts-based firms Charlesbank Capital Partners and Webster Capital to sell its OneStopPlus Group. That group is part of PPR's collection of Redcats retail brands, all of which the company is in the process of selling.
PPR estimated OneStopPlus's value at $525 million but did not give a purchase price. It said it expects the sale to close in the first quarter of next year.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)