PPR sells Le Printemps to Italians

Published: 4-Jul-2006


PPR, which is changing its name to P3, has sold the French department store group Le Printemps to its Italian equivalent La Rinascente along with a consortium of French banks led by Natexis.

The estimated sale price was slightly ahead of market expectations at a reported €1.1bn. Le Printemps will be headed up by Maurizio Borlotti, the 39 year-old president of La Rinascente and grandson of the original founder.

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