PPR pounces on Volcom

French retailer and luxury goods giant PPR is to buy surfing-inspired clothing firm Volcom for $607.5m (£364m), making good on its promise to refocus its operations on sports and lifestyle brands. PPR, which already controls the German sports brand Puma, luxury firm Gucci and designer Alexander McQueen, will make a tender offer to acquire all outstanding Volcom shares for $24.50 a share, a 37 per cent premium over their three-month average trading price, it announced yesterday.