PPR's Fnac retail unit exits Italy
PARIS Nov 28 (Reuters) - Fnac, the music and book division of French retail and luxury group PPR, said on Wednesday it had agreed to sell its Italian business to investment fund Orlando Italy.
Financial terms were not disclosed.
Last January Fnac, which operates 164 stores worldwide for a 2011 revenue of 4.2 billion euros ($5.4 billion), announced plans to exit Italy this year.
Fnac, which entered Italy in 2000, has eight stores in the country, making around 4 percent of the group's turnover.
Last month parent PPR confirmed plans to spin off its Fnac unit and seek a separate listing for the music and books retailer in 2013 as part of long-running efforts to refocus its business on luxury and sports brands. ($1=0.7746 euros) (Reporting by Dominique Vidalon; Editing by Mike Nesbit)