Perfect touch

27 November 2007 By Pierre Briancon

PPR is reportedly in talks to inject its YSL perfumes subsidiary into Clarins. The combination would be good for both subscale businesses with good opportunities to cut costs. But PPR should hold out for a 30% stake in an enlarged group.

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Clarins, the French cosmetics company, and PPR, the retailandluxury conglomerate with flagship brands Gucci, Bottega Veneta and Yves Saint Laurent, have entered exclusive talks about a minority stake PPR could take in its smaller competitor, according to weekly Lettre de l'Expansion. French watchdog AMF has asked both companies to clarify their intentions after their shares shot up Monday on deal rumours, Le Figaro reported on Tuesday.

PPR has a E14.4bn market capitalisation, while Clarins' is E2.4bn.

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