PPR CEO: Will Take Time Necessary To Buy, Sell Assets

French retail to luxury group PPR SA (PP.FR) will take as long as it needs to buy and sell assets in a manner that creates value for the company, PPR Chairman and Chief Executive Francois-Henri Pinault said Thursday, echoing comments made in the past.

"We will take the time necessary to select brands to join us and to sell our retail activities under the best conditions," he said speaking at the annual shareholder meeting.

PPR is in the process of gradually shedding its retail assets while adding to the brands organized around its star luxury label Gucci and main sportswear brand Puma AG Rudolf Dassler Sport (PUM.XE). Pinault cited luxury as an area where the company could make acquisitions. The company recently launched an offer for the U.S.-based skate and surf apparel group Volcom Inc. (VLCM).

PPR also plans to sell its catalogue sales division Redcats and electronics retailer Fnac.

Pinault added the group doesn't depend on acquisitions to grow.

-By Mimosa Spencer, Dow Jones Newswires; [phone]; [e-mail]