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French spin-off to put FNAC back on track

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French spin-off to put FNAC back on track

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The French luxury group PPR has confirmed reports that it is planning to sell-off its FNAC chain of retailers.

The shops sell goods ranging from theatre tickets to DVDs, cameras and computers, but PPR has said it wants to concentrate on its luxury and sports brands.

The group’s chief executive Francois-Henri Pinault said that FNAC would be better placed to achieve its growth potential if it were independent with its own autonomous resources.

FNAC operates 154 shops around the world, and has suffered with customers turning to the internet to buy books and music.

The spin-off is intended to go ahead in 2013. Before that, it is being submitted to staff representatives at FNAC and PPR.