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PPR floats automobile division to fund fashion expansion

French luxury group PPR has raised €806m (£731.6m) from the IPO of its automobile and pharmaceuticals division to raise cash to fund expansion.

The floatation took place today and is the first step in a wider plan by PPR, which owns the Gucci Group and Puma, to raise cash to expand its fashion wholesale business.

PPR is also expected to sell its Redcats mail order firm, which owns the La Redoute catalogue, as well as the Fnac, the book and music retail chain, and the furniture retailer Conforma.

Analysts have speculated that brand acquisitions may include Ralph Lauren, Levi Strauss & Co, Abercrombie & Fitch, Tommy Hilfiger and Lacoste.

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