French retailer PPR sells off a major multichannel brand

February 2, 2011 01:02 PM

PPR Group, the French retail conglomerate that owns Redcats USA and several other e-commerce properties, has closed a deal to sell off one of its oldest multichannel brands.

Yesterday PPR announced the final terms to sell Conforama, a multichannel retailer of discount home furnishings, to Steinhoff International Holdings Ltd. in a deal valued at $1.65 billion (1.2 billion euro). The sale to Steinhoff, a South African holding company with annual sales of about $6.2 billion (4.5 billion euro) with business units in household goods and related industries, includes the sale of, which sells a diverse array of discount home furnishings.

The sale of Conforama and has a direct impact on PPR’s e-commerce operation, which generates web sales of about $2.9 billion (2 billion euro) annually.

By selling off Conforama, PPR will now concentrate on growing its e-commerce operation and its remaining brands which include Redcats, No. 31 in the Internet Retailer Top 500 Guide, and,,,,,,,, and “The disposal of Conforama would constitute a further step forward in the execution of a strategy pursued since 2006, designed to establish PPR as an international group of global brands within the luxury, sport and lifestyle sectors,” says PPR.

Conforama has annual sales of about $4 billion (2.98 billion euro) and has 239 stores worldwide, including 189 in France. Conforama also sells in Switzerland, Luxembourg, Spain, Portugal, Italy and Croatia.




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