PARIS — Swiss retail group Maus Frères SA said it had reached a definitive agreement with family shareholders to acquire 100 percent of the capital of Lacoste SA, in a deal valuing the maker of crocodile-logo polo shirts at 1 billion euros, or $1.3 billion at current exchange.
“All of Lacoste’s family shareholders have decided to sell the totality of their shares to Maus Frères, which already owns 35 percent of the capital of Lacoste through its subsidiary Devanlay,” the group stated.
“This acquisition, which is subject to the approval of competition authorities, will allow Maus to capitalize fully on the assets of this iconic French brand and to launch a new phase in its development and expansion worldwide,” it added. RELATED STORY: Maus Frères Takes Control of Lacoste >>
Sophie Lacoste Dournel, who was named president of the company’s non-executive board in September, said last week that she would not contest the decision by her estranged father Michel Lacoste and other members of the founding family to sell a 30.3 percent tranche of shares to Maus.
In addition, Lacoste Dournel said she and six other family members, who jointly retain 28 percent of the firm’s capital, had started talks with Maus to sell their stake under the same terms.
Maus Frères, controlled by the Maus and Nordmann families, has been in business since 1902 and controls the Gant, Aigle and Parashop brands. Its retail banners include Manor department stores, hardware and DIY chain Jumbo and sports retailer Athleticum.
The group posted 2011 sales of 5.3 billion Swiss francs, or $6 billion at average exchange, and employs some 22,000 people.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
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Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews