Luxury division cushions PPR

■ French luxury and retail group PPR posted a rise in first-quarter revenue yesterday, helped by buoyant luxury sales, which offset sluggish growth at its retail outlet Fnac and sports and lifestyle company Puma. The luxury division, which includes Gucci and Yves Saint Laurent and accounts for almost half of company sales, grew 17.8 per cent stripping out acquisitions and currency fluctuations, due to strong growth in mainland China and tourist purchases in Europe and the US.