May 10, 2017 / 7:57 AM / 3 years ago

Debt-ridden Vivarte sells Pataugas shoe brand to Hopps Group

PARIS (Reuters) - Private-equity backed French clothing retailer Vivarte, which is aiming to restructure more than 1.3 billion euros ($1.4 billion) of debt, has agreed to sell its Pataugas shoe brand to Hopps Group, the companies said on Wednesday.

Financial terms of the acquisition were not disclosed.

Vivarte, whose brands include Kookai, La Halle, Caroll, Minelli and Chevignon, has been owned since 2014 by a group led by investment funds Alcentra, Babson, Oaktree and GLG Partners.

The company, whose profits and sales have fallen amid competition from larger clothing retail chains such as H&M (HMb.ST), Kiabi and Primark, has been trying to restructure its business for several years.

Pataugas had last reported annual sales of 14 million euros.

($1 = 0.9184 euros)

Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont

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