Spanish Puig buys stake in Jean Paul Gaultier fashion house
04 May '11
1 min read
A Shareholder of Jean Paul Gaultier's house since 1999, Hermès has supported its international development.
Acknowledging Mr Jean Paul Gaultier's desire to accelerate the deployment of his house and give it a fresh impetus, Hermès has sold on May 3rd, in full agreement with the creator, all of its 45% stake in the house to the Spanish group Puig.
The selling price of the shares (M€ 16) together with the repayment of the granted loans (M€ 14) will generate an accounting profit of equivalent amount (M€ 30) in 2011.
Mr Patrick Thomas, chief executive officer of Hermès has declared "I am delighted with this move for a house that is deer 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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