PPR to sell Redcats kids' brands to Alpha private equity
PARIS Jan 3 (Reuters) - French luxury group PPR is in exclusive talks to sell its Cyrillus and Vertbaudet children's clothing brands to Alpha Private Equity Fund for 119 million euros ($156 million)including debt, it said on Thursday.
PPR said the sale was expected to be finalised in the coming months. The group has been selling off parts of its Redcats mail-order business after failing to find a buyer for the whole.
The sales, as well as the shedding of other retail operations, are aimed at focusing PPR, the world's third-largest luxury group behind LVMH and Switzerland's Richemont, more on its higher-growth luxury and sports brands.
In December, 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.
It also sold its plus-size business in the United States to private equity firms Charlesbank Capital Partners and Webster Capital for $525 million, including debt.
Alpha Private Equity is a fund which specialises in the acquisition and development of medium-sized companies in France, Switzerland, Italy, Belgium and Luxemburg, including spin-offs from large corporations.
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