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Hermès sells its Gaultier stake

04/05/2011
Luxury leathergoods brand Hermès has sold its 45% stake in fashion brand Jean Paul Gaultier. The buyer is Catalan perfume and fashion company Puig. Barcelona-based daily La Vanguardia said Puig had paid EUR 16 million in cash to take over this controlling stake in the Gaultier brand but that the deal was worth EUR 30 million in total, with Puig taking over debts of EUR 14 million.

In a statement, Hermès said: "As a shareholder of Jean Paul Gaultier's house since 1999, Hermès has supported its international development. Acknowledging Mr Gaultier's desire to accelerate the deployment of his house and give it a fresh impetus, Hermès has sold, in full agreement with the designer, all of its 45% stake to Puig."

Hermès chief executive, Patrick Thomas, added: "I am delighted with this move for a house that is dear to our heart. I am convinced that the alliance between Jean Paul Gaultier and the Puig family will take the house to new highs."


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