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PPR hires Rothschild to sell off Redcats

Home shopping giant Redcats could be set to be sold by French luxury group PPR, which has reportedly hired an investment bank to arrange a finance package for potential bidders.

According to Bloomberg PPR, the business behind brands including Gucci, Stella McCartney and Alexander McQueen, has hired Rothschild & Cie to arrange staple financing that could be used to fund a private equity buyout of Redcats.

Redcats, the online retailer and mail order firm, which owns the La Redoute catalogue, kids catalogue business Verbaudet and Stella McCartney Kids, could be sold in the second half of this year with the value estimated at around €1.35bn (£866m).

Redcats total sales turnover rose 1.5% in 2010 to €3.43bn (£2.97bn). Its operating income also grew from €100m (£86.7m) to €165m (£145.1m) in 2010.

In 2009 PPR chief executive François Pinault revealed that he planned to sell the retail arms of the French group including Redcats although he said there was no deadline for the divestments.

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