Fnac, PPR’s books, music and electronics business, reported sales were down 1.1% for the first six months of this year to E1.77bn (£1.38bn). Like-for-like sales fell 1% and the retailer recorded an operating loss of E7.5m (£5.8m) compared with an operating profit of E6.7m (£5.2m) for the same period last year.

PPR is investing in a strategic relaunch of Fnac alongside a cost-reduction programme. It expects Fnac to reap the benefits of the relaunch during the second half of the year and to gain further market share.