By Olivia Oran
NEW YORK Nov 28 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
Peter J. Solomon Co, which sources said is advising PPR on
the process, declined to comment.
PPR, Charlesbank and Rothschild also declined to comment.