26 March 2013

Owner of Gucci and Puma changing name

Shares in the French luxury goods company, PPR, have risen even more than 7 % in Paris to their greatest level in 12 years.

French owner of Gucci and Puma, will change its name to Kering to cap the business's transformation into a luxury and sporting goods specialist.

The company's fifth name since it listed  on the Paris stock exchange in 1988 is supposed to evoke the concept of caring. It is derived from "ker," implying home in Breton, a language spoken in Brittany, France.

The results are a clear positive and it confirms that PPR is holding among the most balanced brand portfolio in luxury.

The business is made up of two primary sorts of business - luxury goods and sports and lifestyle brand names. It owns an 82 % stake in Germany's Puma. Net income increased to 1.4 bn euros while sales leapt 20 % to 9.7 bn euros, driven in part by sales of its Bottega Veneta handbags.

PPR intends to complete its makeover this year after spinning off the Fnac media and consumer-electronics chain and selling online sellers La Redoute. Once that happens, the name PPR wouldn't have reflected businesses it still owned. The business offered department-store driver Printemps in 2006 and it accepted offer for two house- shopping brand names to a Swedish buyout firm.

The company mentioned that about 40 % of its international sales now originated from arising markets.
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