PARIS Your Puig Collection concerning Thursday purchased Hermes' limiting investment on the Jean Paul Gaultier style label as part of a bid to breath new existence into the struggling Paris-based home.
Founder Gaultier ?a who continues to be churning out wildly inventive styles for about three decades, such as Madonna's pointy cone bra ?a is to stay in his role as designer, the house stated inside a statement. Puig Group vice chairman Manuel Puig will be the new president with the Gaultier brand name, the statement said.
Hermes, a shareholder in Gaultier since 1999, said it marketed its 45 percent stake within the home for 16 million euros. In a separate statement, the Paris-based luxury saddle and handbag maker said that combined with the repayment of 14 million euros in loans, the sale would be to create 30 million euros this yr.
Gaultier gave his blessing towards the sale, Hermes stated, adding it had been aimed at "accelerat(ing) the deployment associated with his / her second home and also giv(sing) them clean energy.centimeter
"My spouse and I are delighted with this particular move for a home is dear to our heart," the statement cited Hermes CEO Patrick Thomas as saying. "I am convinced that the alliance in between Jean Paul Gaultier and also the Puig family members will consider the home to new highs."
The Puig Group owns Carolina Herrera, Nina Ricci also as Paco Rabanne, the iconic 1960s brand that, having fallen on hard times, shuttered all but its profitable fragrances line. Under the Puig Group, the brand now is re-entering the competitive realm of women's clothes.
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The evolution of Gaultier has proved comparable. The label hit its apex of recognition within the late 1980s and early 1990s, once the then-enfant horrible of French style created costumes for Madonna's "Blonde Ambition" tour and Peter Greenaway's celebrated film "The Cook, the Thief, his Wife and her Lover." Since, the label's clothing lines have struggled to help keep pace with its blockbuster fragrances.
Along with his eponymous men's, ready-to-wear and haute couture lines, Gaultier also used to design ready-to-wear for Hermes, but his seven-year collaboration with the French luxurious label ended final yr. Gaultier's replacement, previous Lacoste designer Christophe Lemaire, showed his debut collection for the label in March.
Puig Group, a Spain-based family members enterprise, also retains fragrance licenses for manufacturers such as Prada and Valentino. Final year, the group noted net profits of 130 million euros, the Gaultier statement said.
