PPR has left the building. It's no longer a thing.
The name, that is.
As was rumored, the luxury conglomerate today announced that it will change its name to *drumroll please* ... Kering.
The name change will officially go into effect June 18, so you might as well get used to saying it now in your regular day-to-day discussions about luxury brands like Balenciaga and Gucci and the Pinaults.
The name change is meant to go along with PPR's transition from a retail-focused company to a "fashion and accessories specialist in the luxury and sport/lifestyle segments," reports WWD. PPR stood for Pinault-Printemps-Redoute, though it sold Printemps in 2006. It plans to sell La Redoute by the end of this year. The company hopes the name change and transition will boost its share prices, which are lower than its luxury peers because of its retail business.
"Kering" apparently has roots in the Brittany region of France and gives the impression of a house or foyer. There is also a new logo--an owl--and tagline: "Empowering Imagination."
It will take some getting used to but we get the feeling it's not going to inspire the passionate outrage or the confusion caused by, say, the infamous dropping of the Yves (by one of PPR/Kering's own brands, no less).