Rinascente in Spring

PPR will definitively conclude sale of Department stores Le Printemps to the Borletti family (30%) backed by RREEF (Deutsche Bank - 70%). Both parties mentioned that this transaction will only be final after European Comission approval (may take 5 weeks). The sales figure mentioned is of 1,075 billion Euros.

Maurizio Borletti, CEO of Rinascente department stores, announced that the printemps stores will be focusing on luxury as well as developping online sales.

Borletti also mentioned he would be investing 280 millions Euros in 5 years. Le Printemps department stores employs 5.287 in 17 stores.