PARIS: French high-end retailer PPR will change its name to Kering in June to reflect a fresh focus on sportswear and luxury goods, chief executive Francois-Henri Pinault said yesterday.
PPR, originally known as Pinault Printemps Redoute, is shedding its image as a distribution conglomerate to push global brands such as Gucci, Puma and Yves Saint Laurent, with an owl as its logo.
The new name is pronounced like the English word caring, but nonetheless draws on the company’s roots in Brittany, where Ker means home, to which the English suffix “ing” has been added to invoke action, Pinault said in a statement.
It will be submitted for approval during an annual general meeting on June 18.
The change reflects a “radical transformation” of a company created in 1963 by wood trader Francois Pinault, the current CEO’s father.
In the shake-up, the company is spinning off European outlets such as the FNAC media and electronics retailer. Department store Le Printemps was sold in 2006.
France now accounts for just 5.0 percent of the group’s sales, whereas the international market, especially Asia, represents its future. AFP
