CIT: West Coast team featured in Fashion Manuscript.
FSG LAWYERS: Represented Loomworks Apparel (P.J. Salvage) on its acquisiton by Delta Galil.
Details on Industry Insight.
With the news that French luxury conglomerate PPR has offered to buy Volcom for $607.5 million, we took a deeper look at the company.
PPR is a publicly held company traded on the French stock exchange, Euronext Paris.
Its revenues in 2010 totaled 14.6 billion Euros, which is the equivalent of $21.7 billion U.S. if converted at today’s exchange rates.
The company is mostly known for its consumer and luxury brands, which include Gucci, Botega Vennetta, Yves Saint Laurent, Balenciaga, Alexander McQueen, Boucheron, Sergio Rossi, and Stella McCartney. It also has a sport and lifestyle selection of brands including PUMA, which also owns Cobra Golf and Tretorn.
Another part of PPR's portfolio is FNAC, which is one of the leading e-commerce sites in France and distributes cultural and technological products like DVDs, music and books in several international countries.
It also own Redcats, a group of European and American brands that specialize in online retailing of fashion and home furnishings and cater to a range of customers from maternity and plus size to sports and leisure items. Brands under Redcats include La Redoute, The Sportsman's Guide, and The Golf Warehouse.
PPR has said it wants to sell FNAC and Redcats to focus on its Luxury and Sport & Lifestyle groups, according to published reports.
Last week, PPR reported that first quarter revenue was up 9%, led by Luxury which makes up the biggest part of the company. Luxury sales rose 26%, and Sport and Lifestyle revenue (which PUMA is under and Volcom will fall into), increased 13%.
While PPR’s headquarters are based in France, it distributes its brands to over 120 countries. As of December 31, 2010, PPR had 60,000 employees.
On page 2: A look at PPR CEO Fancois-Henri Pinault and his family