Even before its results announcement today, PPR had made some news: it was proceeding apace with its plan to dispose of no-longer-core assets (ie, non-luxury/sports lifestyle rbands), and had agreed to sell 29.8% of its stake in CFAO, an African automotive and pharmaceutical distribution company, to Toyota Tsusho Corporation. This should net the PPR guys about €980 million.The stated plan is to use the money to pay down debt, but in that impossible-to-control way of things, already there is speculation among some watchers about what they might buy, if they were going to use the money to buy something. I love a nice round of speculation. Read more
© The Financial Times Ltd 2014 FT and 'Financial Times' are trademarks of The Financial Times Ltd.