Puig, the Spanish parent company of beauty brands Carolina Herrera, Nina Ricci and Paco Rabanne, has acquired a majority stake in fashion house Jean-Paul Gaultier.
The Spanish company bought the 45% stake held by luxury goods group Hermes and around 15% from its eponymous designer Jean-Paul Gaultier. Gaultier did not disclose financial terms of the deal.
The designer, who founded the company in 1982, retains a 40% stake in the business and will continue to focus on designing couture and ready-to-wear collections.
Manuel Puig, vice chairman of Puig and president of Nina Ricci, will now take on the role of president at Gaultier.
It was reported last month that Puig was in exclusive talks to buy Hermes’ stake in the fashion house.
Gaultier stepped down as director of women’s ready-to-wear at Hermes last October after presenting it’s spring 11 collection last October.