The French Have a Word for It: Recovery

Serge Weinberg, of European retailer Pinault Printemps-Redoute, thinks the global economic outlook has improved since September 11

Considering the business lines he's in, you'd think Serge Weinberg, CEO of Paris-based retailing and luxury-goods group Pinault Printemps-Redoute, would be running for cover. Since September 11, the U.S. outlets of Weinberg's Gucci division have been about as deserted as Paris in August. Over in Europe, deepening economic malaise means fewer shoppers for PPR-owned Au Printemps department stores and FNAC, the largest book and record retailer on the Continent. Oh, and shares in PPR -- one of the stalwarts of the Paris bourse -- have slumped by almost 50% since their highs last February.

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