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Appetite for luxury goods boosts PPR profits

PPR, the French luxury and retail group behind Gucci and Balenciaga, grew operating profits 24% to €1.53bn (£1.289bn) in 2010, fuelled by a growing appetite for luxury goods.

The group, which also owns sportswear brand Puma, French catalogue retailer La Redoute and French electronics chain Fnac, said net profit rose 1.4% to €965m (£805m) and revenues increased 7.5% to €14.61bn (£12.30bn)

Fourth quarter sales in the luxury division rose 23%, or 14% at constant exchange rates, to €1.15bn (£0.97bn), as shoppers bought luxury goods in the run up to Christmas.

Earlier this month, luxury giants including LVMH Mote Hennessy Löuis Vuitton, and Hermes International, also reported an upturn in trade towards the end of the year.

PPR did said it would improve on 2010 sales and profits in 2011, although it not specify a target.

Chairman and chief executive Francois-Henri Pinault said: “PPR will continue to achieve robust revenue growth in 2011 and deliver a better financial performance than in 2010.”

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