PPR’s net sales rose 11% to e12.2bn (£10.6bn) in 2011 while net income soared 40% to e999m (£866m), driven by its luxury brands brands including Gucci, Yves Saint Laurent, Bottega Veneta and Puma.

PPR said it is now ready to divest non-core operations Redcats and Fnac and has 10 investment banks carrying out “due diligence” on its Redcats business. Once the sale of Redcats is complete, PPR expects to sell its book, music and electronics subsidiary Fnac, which recorded a 3.2% fall in sales to e4.16bn (£3.6bn) in 2011. Fnac’s operating income almost halved to e102.6m (£90m) from e191.9m (£164.6m) in 2010.