France - It's been tough out there for the fashion industry and not even Salma Hayek's billionaire husband François-Henri Pinault is immune to the economic crisis. The owner of French luxury conglomerate PPR, originally called Pinault-Printemps-Redoute, is looking to sell some of his less glamorous brands today so to raise funds to pay off debts. While PPR owns Gucci, Alexander McQueen, Balenciaga, Stella McCartney and Yves Saint Laurent, it also owns Conforama, FNAC, La Redoute and the Golf Warehouse. The Cut calls Conforama "a mid-market European furniture chain," FNAC a "sort of like Target but without the one-off lines by designers like Rodarte," and La Redoute "a JCPenney-ish mail-order business." They are definitely not so glamorous as Alexander and Stella. In October the company reported a drop in sales and The Financial Times said that PPR is looking to invest in new businesses, such as Ralph Lauren, Levi Strauss & Co and Abercrombie & Fitch, in order to raise funds. [Story: UK Vogue & The Cut]
Kristina Bustos
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