PPR's Redcats to sell U.S. plus-size business
PARIS (Reuters) - French retail group PPR (PRTP.PA) said on Wednesday its Redcats mail order unit had agreed to sell its U.S. plus-size fashion business, OneStopPlus Group, to private equity firms Charlesbank Capital Partners and Webster Capital for an enterprise value of $525 million.
PPR said that the deal, which is expected to close during the first quarter of 2013, marked a further step in the group's transformation into a global luxury, sports and lifestyle retailer.
OneStopPlus Group consists of OneStopPlus.com, Woman Within, Roaman's, Jessica London, fullbeauty, KingSize, BrylaneHome and Bargain Catalog Outlet brands.
Earlier this month, PPR's Redcats unit agreed to sell 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 latest 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.
In 2011, PPR hired Rothschild to sell off its entire Redcats business but found no buyer. Now PPR, 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 (LVMH.PA) and Switzerland's Richemont, has been trying to sell its various retail businesses for several years in order to focus on luxury and sports brands, which have stronger growth prospects.
(Reporting by Dominique Vidalon; Editing by Steve Orlofsky)