PPR CEO François-Henri Pinault at Pambianco-Intesa convention
09 Nov. 2012
PPR Group Plans To Expand Sport & LifestyleAt the recently held Milan Stock Exchange, PPR CEO François-Henri Pinault participated in the Pambianco-Intesa Sanpaolo 2012 convention dedicated to the theme “Proceeding at Full Speed in Foreign Markets.” Referring to a selection of the group's goals, he confirmed that future objectives included doubling the group's turnover from the present €12 billion in annual sales to €24 billion by 2020.
Pinault stated: “When looking for new acquisitions I always consider brands whose identity and core business totally differ from what we already offer. I expect to increase our brand portfolio by adding an approximate 20% of new luxury sportswear brands.” Currently, the group’s luxury division includes Gucci, Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Stella McCartney, Sergio Rossi, Boucheron, Girard Perregaux and Jeanrichard as well as Puma, Volcom, Cobra, Electric and Tretorn in the sports and lifestyle segment.
Another point Pinault made was that most of the group's sales still come from the European and US markets and that the most popular and successful luxury brands are still European apart from a few US and Japanese names. He also commented that in the future the group would most likely acquire Chinese, Brazilian and Indian luxury brands, though they would require time in order to grow and reach top quality levels matching those of European brands. Pinault said: “At the moment, emerging countries that are powerful from a demographic and economic point of view have not yet reached the luxury industry. The essential condition is the existence of a long-established local excellence in savoir-faire. For China it could be in ceramic, silk and furniture manufacturing or, for India, in the art of embroidery or jewel making, as opposed to pret-à-porter or leather goods.”
After answering a few questions from the convention's organizers, Pinault quickly left the building via a side exit without offering an explanation to workers who were protesting out front concerning the uncertain future of the FNAC Milan city center store (part of the PPR Holding), which may soon be closing its doors.
Maria Cristina Pavarini
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