Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
PPR acquires 51% of Christopher Kane and sells Redcats’ children division.
When it comes to sales and acquisitions PPR Group is beginning 2013 right where it left off last year.
To start 2013, PPR, a French retail conglomerate and No. 5 in the 2012 Internet Retailer Europe 400, continues to sell off the final pieces of its Redcats subsidiary and make investments in other retail companies as it moves further into the luxury and lifestyle apparel and accessories market.
Today PPR, which owns luxury and lifestyle brands such as Gucci, Bottega Veneta, Yves Saint Laurent and Puma, acquired a 51% stake in Christopher Kane, a six-year-old Scottish apparel manufacturer. Christopher Kane, which doesn’t currently operate an e-commerce site, designs and manufactures ready-to-wear apparel for women and men.
Terms of the deal weren’t disclosed and PPR has yet to say when it will take the Christopher Kane brand online.
PPR also continues to sell off the final components of its Redcats business, once the company’s biggest e-commerce operation. On Jan. 3 PPR began discussions with Alpha Private Equity Fund, a nine-year-old Hong Kong private equity firm, to sell the children and family division of Redcats, which includes children’s apparel site Cyrillus.com, in a deal valued at about $158.7 million.
“The sale by Redcats of its children and family division constitutes a further step forward in the transformation of PPR into a global leader in apparel and accessories, within the luxury and sport and lifestyle segments,” PPR says. PPR and Alpha Private Equity expect the deal to close later this year but didn’t disclose a date.
In December PPR sold off OneStopPlus, which includes catalog titles and web sites for brands such as OneStopPlus.com, Woman Within, Jessica London, Full Beauty, KingSize, Brylane Home and Bargain Catalog Outlet. Charlesbank Capital Partners and Webster Capital are buying those properties for $525 million.
Redcats USA is No. 34 in the 2012 Internet Retailer Top 500.