The Hong Kong Economic Times has quoted François-Henri Pinault as saying that PPR is in negotiations to buy a Chinese luxury company. He declined however to give the name of the company in question and hinted that negotiations could come to a close by the end of the year.
François-Henri Pinault

The way in which the news was announced is just as interesting as the news itself. The French group invited six Chinese journalists, including three from Hong Kong, to the most recent Milan fashion week to give them a chance to get to know the luxury group. “Chinese journalists know nothing or next to nothing about PPR. And even when they know the labels themselves, they know nothing about their history”, explained PPR’s director of communications.

It seems that PPR is intensifying its assault on Asia and on China in particular. China represented 23% of total sales for Gucci last year. Also in 2011, Bottega Veneta’s turnover grew by 76% in China.

Overall sales for PPR’s luxury labels increased by 39% in China last year, and in the first quarter of 2012, sale by the same group of labels rose by 24% in China. Its luxury labels opened 25 own-brand boutiques in China in 2011. At the end of March, the total number of boutiques stood at 124.

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