PPR, the French retail group, is to float a majority share of its African distribution business in the company’s first big strategic move under François-Henri Pinault, executive chairman, in nearly two years since the acquiring control of Puma, the sportswear company.

Mr Pinault said the decision was another step towards reshaping the company around “a coherent group of internationally recognised lifestyle brands”. The flotation follows CFAO – originally known as Compagnie Française de l’Afrique Occidentale – is a historical leftover from PPR’s early days and is now the business most far removed from its strategic focus. Valued at more than €2.5bn ($3.67bn) by analysts, CFAO sells cars, pharmaceuticals and raw materials in 33 African countries and France’s overseas territories.