PARIS, Oct 9 (Reuters) - PPR confirmed that itplans to spin off its Fnac unit and list the books and CDretailer on the stock market next year as it focuses on itsluxury and sports brands.
The board of directors of PPR unanimously approved the planfor the demerger and flotation of Fnac at a meeting on Tuesday,the company said in a statement.
"Being independent and granted with autonomous resources,Fnac will be better positioned to fully achieve its growthpotential," PPR Chief Executive Francois-Henri Pinault said.
"In parallel, this project will enable our group to pursueits transformation and to fully focus on the development of itsapparel and accessories brands."
The transaction, which is intended to go ahead in 2013, isbeing submitted to works council representatives of Fnac andPPR.
PPR added that the process for the disposal of its Redcatsmail order business was under way and that all options werebeing considered.
"The whole process will take several months andannouncements are likely to be issued in the coming weeks," PPRsaid of Redcats.
(Reporting by James Regan; Editing by Gus Trompiz)
Keywords: PPR FNAC/IPO