Dries Van Noten Acquired by Puig
It has been announced that Belgian designer, Dries Van Noten, has sold a majority share of his eponymous business to Spanish-based group Puig. After 30 years as an independent designer, Von Noten said, “I have been searching for a strong partner for the company which I have built for more than 30 years. I am especially happy that Antwerp and my team will remain at the company's heart and centre."
A spokesperson for Puig added that the designer will remain as the chief creative officer and chairmen of the board, whilst also being a significant minority shareholder. “Puig will be the majority owner alongside Dries, who remains, over the long term, a significant minority shareholder,” the companies said in a statement. “Additionally, Dries Van Noten will continue as chief creative officer and chairman of the board.”
The Spanish fashion group, which is family-owned, controls labels such as the recently revamped Carolina Herrera, Paco Rabanne and Nina Ricci, as well as runs various licenses and beauty brands. CEO and Chairman, Marc Puig said, "As an independent house, Dries Van Noten has, over the years, built an exceptional reputation with its avant-garde fashion collections. Our entry today into the capital structure of Dries Van Notoen proves yet again our strategic commitment to developing the Puig fashion business."
If the conglomerate is looking to compete with the likes of fashion group giants, LVMH and Kering, they have certainly made a move in the right direction.