Paris, france The actual Puig Number in Friday obtained Hermes' limiting spot from the Jean Henry Gaultier style label as a part of a bid to breath new life into the struggling Paris-based home.
Founder Gaultier ?a who continues to be churning out wildly inventive designs for about 3 decades, including Madonna's pointy cone bra ?a is to remain in his part as designer, the home said inside a statement. Puig Group vice chairman Manuel Puig will probably be the new president with the Gaultier brand, the statement said.
Hermes, a shareholder in Gaultier since 1999, stated 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 coupled with the repayment of 14 million euros in loans, the sale is to generate 30 million euros this year.
Gaultier gave his blessing to the sale, Hermes stated, adding it was aimed at "accelerat(ing) the deployment associated with his particular house not to mention giv(ing) this clear impetus.in
"My spouse and I feel ecstatic with this move to get 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 the Puig family members will take the home to new highs."
The Puig Group owns Carolina Herrera, Nina Ricci as well 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 name 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 popularity within the late 1980s and early 1990s, once the then-enfant terrible of French fashion designed 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 keep pace with its blockbuster fragrances.
In addition to 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 year. Gaultier's substitute, former 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 brands such as Prada and Valentino. Final year, the group reported net profits of 130 million euros, the Gaultier statement stated.
