|PPR / Francois Pinault|
François Pinault is a French billionaire businessman, founder of the luxury group Kering and the investment company Artémis. Pinault started his business in the timber industry in the early 1960s. Taken public in 1988, the company invested in specialized retail business and changed its name to PPR. By the end of 1999, PPR shifted towards luxury and fashion. In 2003, he passed on the management of his companies to his elder son François-Henri to follow his passion for contemporary art.
PPR is a French multinational holding company specializing in retail shops and luxury brands. The company is headquartered in Paris and is run by its founder, billionaire businessman Francois Pinault.
Pinault led PPR through a long battle over control of Gucci, the Italian fashion company, which began with an attempted takeover of Gucci by LVMH, the world's largest luxury goods company. In March of 1999, Gucci asked PPR to acquire an ownership interest in Gucci to help fend off LVMH. The result was a struggle between the two richest men in France, both self-made billionaires -- Pinault and Bernard Arnault, the Chairman of LVMH.
The dispute end in September 2001, when LVMH agreed to sell its shares in Gucci to PPR for $94 a share. As part of the agreement, PPR promised to make a tender offer for the balance of the publicly traded shares at a later date. It completed that buy-in in July 2004 and took full control of Gucci.
PPR is a French multinational holding company specializing in retail shops and luxury brands. The company is headquartered in Paris and is run by its founder, billionaire businessman Francois Pinault. It is quoted on Euronext Paris and is a constituent of the CAC 40 index. It was originally called Pinault-Printemps-Redoute, but changed its name on 18 May 2005 to simply PPR.
As of 2005 PPR's main subsidiaries include:
Magasins du Printemps - Le Printemps department stores
Redcats - mail order retailer which operates La Redoute, Ellos, Empire, Brylane, Cyrillus, Vertbaudet, Somewhere, Daxon, Edme, Celaia, La Maison de Val rie)
FNAC - book and CD retailer in France, Belgium, Spain and Portugal
Conforama - household furnishing retailer
CFAO - distributor of cars and pharmaceuticals in Africa and the DOM-TOM
Designer Definition (from U.S Department of Labor)
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