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François Pinault established his timber and building materials company in 1963. Through acquisitions becomes involved n the retail industry and in the early nineties acquires Au Printemps and La Redoute. Pinault-Printemps-Redoute is born. It enters the luxury good market in 1999 with a 42% stake in Gucci Group. In 2004, Pinault-Printemps-Redoute's stake in Gucci has risen to 99.4% and in 2005 changes its name to a much shorter, PPR.