PARIS — Bernard Arnault is suddenly Carrefour's largest shareholder.
France's Halley family on Wednesday said it would dissolve the pact that gives its members the majority share of French hypermarket operator Carrefour. The family said it would end the agreement that gives it a 10 percent controlling stake of the company when Carrefour convenes for its annual shareholders meeting on April 15.
The move will ipso facto make Blue Capital, the investment vehicle of LVMH Moët Hennessy Louis Vuitton chief Arnault, and investment firm Colony Capital Carrefour's largest shareholder with more than 9 percent.
Arnault and Colony acquired their "strategic" stake in Carrefour through Blue Capital last year.
A spokesman for the Halley family said the decision was not the result of animosity between family members.
Rumors circulated last year that the family was in disagreement over strategy after they forced out former Marks & Spencer head Luc Vandevelde as Carrefour's chairman and replaced him with Robert Halley.
"The family members want to have more freedom over their investment portfolios," the Halleys' spokesman said of the decision. "There is no fighting."
In a statement, Blue Capital said it would "play its role as Carrefour's main shareholder" and that it was interested in the "group's stability."
"Blue Capital reiterates the strategic nature of its investment and its confidence in the management to create value for the group," the statement said.
Carrefour was slated to report its annual results today in Paris.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast