PARIS, Oct 9 (Reuters) - PPR confirmed that it plans to spin off its Fnac unit and list the books and CD retailer on the stock market next year as it focuses on its luxury and sports brands.
The board of directors of PPR unanimously approved the plan for 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 growth potential," PPR Chief Executive Francois-Henri Pinault said.
"In parallel, this project will enable our group to pursue its transformation and to fully focus on the development of its apparel and accessories brands."
The transaction, which is intended to go ahead in 2013, is being submitted to works council representatives of Fnac and PPR.
PPR added that the process for the disposal of its Redcats mail order business was under way and that all options were being considered.
"The whole process will take several months and announcements are likely to be issued in the coming weeks," PPR said of Redcats.
(Reporting by James Regan; Editing by Gus Trompiz)
Keywords: PPR FNAC/IPO