Japanese cosmetics company Shiseido has joined forces with private equity partnership Fung Capital to put forward a bid for French fashion house Jean-Paul Gaultier.
It was reported that talks started this week after the two companies agreed to invest together in developing Jean-Paul Gaultier into new markets including Asia.
Earlier this month it was reported that luxury goods group Hermes would sell its 45% stake in Jean-Paul Gaultier.
Fung Capital is said to have previously left the bidding process after reports that Puig, the Spanish parent company of beauty brands Carolina Herrera, Nina Ricci and Paco Rabanne, was in exclusive negotiations to buy the fashion house.
Shiseido’s Beaute Prestig International division has been making the Gaultier perfume since the early 1990s and the deal would allow it to retain the perfume license contract.
Designer Jean-Paul Gaultier stepped down as director of women’s ready-to-wear at Hermes last October after presenting it’s spring 11 collection. However Gaultier is expected to remain at the creative helm of his eponymous label if it is sold.