UPDATE 2-PPR, US private equity firm talk on Redcats -sources
By Olivia Oran
NEW YORK Nov 28 (Reuters) - The Redcats mail order unit of French retail and luxury group PPR SA is in late-stage talks to sell its plus-size fashion business to Boston-based private equity firm Charlesbank, according to four sources.
The deal for OneStopPlus will likely be between $400 million and $500 million, the sources said.
Earlier this month, PPR's Redcats unit sold its U.S. sports and leisure business, Sportsman's Guide Inc, as well as its Golf Warehouse business, to retailer Northern Tool + Equipment for $215 million.
The deal follows last month's announcement of plans to spin off PPR's Fnac music and book unit and last year's sale of the Conforama furniture unit.
Last year, PPR hired Rothschild to sell off its entire Redcats business, but there was no buyer. Now, the parent company of high-end brands including Gucci, Bottega Veneta and Yves Saint Laurent is looking to unload the unit in pieces.
PPR, the world's third-largest luxury group behind LVMH and Switzerland's Richemont, has been trying to unload its various retail businesses for several years in order to focus on luxury and sports brands which have stronger growth prospects.
Peter J. Solomon Co, which sources said is advising PPR on the process, declined to comment.
PPR, Charlesbank and Rothschild also declined to comment.
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters want power now |
- Record cold, ice grip U.S.; snow heads East
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'