PPR has suspended the sale of its Redcats division, citing market conditions as the reason for a failed auction process. First round bids for Redcats were due to be completed last week, with acquisition firms TPG and PAI working on a joint bid. Permira, Apax Partners and Advent International were expected to bid separately on the chain.
PPR is keen to sell off its non-core subsidiaries Redcats and Fnac to focus on further investment in its luxury chains. In June, PPR appointed Rothschild to manage the sale of Redcats, which includes catalogues and ecommerce sites La Redoute, Vertbaudet and Stella McCartney Kids.
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