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French luxury group PPR changes name to Kering

[March 22, 2013]  PARIS (AP) -- French luxury purveyor PPR says it is changing its name to Kering.

The company behind Gucci and Yves Saint Laurent has been selling off its retail operations in recent years to focus more on its luxury brands. PPR stood for Pinault-Printemps-Redoute, but the Printemps department store and Redoute retailer have since been sold off.

Only the Pinault -- the name of the company's founder and his son, the current CEO -- still had a connection to the company.

The company said the new name reflects its roots in Brittany and its hopes for the future. It said it should be pronounced "caring" and noted that "ker" means home in Breton.

[Associated Press]

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