Dries Van Noten, one of the last independent luxury fashion houses, has sold a majority stake of his namesake business to Spanish group Puig.
Puig will be the majority owner alongside Van Noten, who remains, over the long term, a significant minority shareholder. Additionally, Van Noten will continue as chief creative officer and chairman of the board. The terms of the deal were not disclosed.
“Dries Van Noten has, over the years, built an exceptional reputation with its avant-garde fashion collections,” said Marc Puig, chief executive and chairman of the group, which also owns Carolina Herrera, Jean Paul Gaultier, Nina Ricci and Paco Rabanne. “Our entry today into the capital structure of Dries Van Noten proves yet again our strategic commitment to developing the Puig fashion business.”
“I have been searching for a strong partner for the company, which I have built for more than 30 years,” added Van Noten. “I am especially happy that Antwerp and my team will remain at the company’s heart and centre. Together, we are now ready to realise our dreams.”
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