Pinault Printemps Redoute (PPR), the French retail and luxury goods group, has put a proposed €700m ($625m) share sale on hold because of market conditions, but is not ruling out going ahead with a convertible issue of the same size in the near future.

Serge Weinberg, chairman of PPR, said in a conference call this morning that the company would not proceed with the €700m share sale announced this month to finance the acquisition of more shares in Gucci, the Italian fashion group, until there was a marked improvement in market conditions.