Wall Street Journal
By Elena Berton
PARIS—French luxury-goods company Hermès International SCA on Tuesday said it has sold its 45% stake in fashion label Jean-Paul Gaultier to Spain's Grupo Puig for €16 million.
The proceeds from the sale, together with the repayment of €14 million worth of granted loans, will generate an accounting profit of €30 million for Hermès, the company said.
Designer Jean-Paul Gaultier currently owns 55% of the fashion house, which he founded in 1976. Jean-Paul Gaultier has a haute-couture business as well as perfume, licensed to Beaute Prestige International, a subsidiary of Japan-based Shiseido Co.
Mr. Gaultier stepped down as artistic director of Hermes's womenswear in May 2010. Based in Barcelona, Spain, family-owned perfume maker Puig already owns the Nina Ricci, Paco Rabanne and Carolina Herrera luxury brands.
In a statement, Hermès Chief Executive Patrick Thomas said: "I am convinced that the alliance between Jean Paul Gaultier and the Puig family will take the house to new highs."
