PPR says in talks to sell La Redoute by year-end

PARIS Tue Jun 18, 2013 1:14pm EDT

Francois-Henri Pinault, Chairman and CEO of Kering, the new identity of Pinault-Printemps-Redoute (PPR) group, poses as he arrives for the annual shareholders meeting in Paris June 18, 2013. PPR seeks to turn the page on its retail past and start a new life as a luxury and sports brands group by renaming itself Kering at its annual general meeting today. REUTERS/Philippe Wojazer

Francois-Henri Pinault, Chairman and CEO of Kering, the new identity of Pinault-Printemps-Redoute (PPR) group, poses as he arrives for the annual shareholders meeting in Paris June 18, 2013. PPR seeks to turn the page on its retail past and start a new life as a luxury and sports brands group by renaming itself Kering at its annual general meeting today.

Credit: Reuters/Philippe Wojazer

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PARIS (Reuters) - PPR (PRTP.PA) Chief Executive Francois-Henri Pinault on Tuesday said the luxury and sports brands group was in talks to sell its mail order business La Redoute and hoped to complete the disposal by the end of the year.

"Talks have just started... This unit will be sold by the end of the year," Pinault told shareholders at the group's annual general meeting in Paris.

(Reporting by Astrid Wendlandt, editing by Elena Berton)

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