PARIS — French retail to luxury group PPR has suspended the sale of its Redcats mail-order division due to adverse market conditions, according to a spokesman for the company.
PPR chairman and chief executive officer François-Henri Pinault told WWD in a July interview that plans to sell the division by year-end would depend on market climate and credit conditions.
The spokesman confirmed that the company is still planning to sell Redcats, which includes catalog business La Redoute.
The decision to postpone the sale comes in a period of renewed worries about the European debt situation, with banks reluctant to release fresh loans, meaning that potential buyers for the division or its brands are less likely to be able to secure financing.