PARIS — Starwood Capital Group is on the lookout for a strategic partner for its Annick Goutal business.
This story first appeared in the January 26, 2010 issue of WWD. Subscribe Today.
A spokesman for the private investment firm confirmed information that appeared last week in France’s Les Echos newspaper. In an interview published Wednesday, Barry Sternlicht, Starwood’s chairman and chief executive officer, is quoted as saying, “Annick Goutal is not a major part of our portfolio in terms of size. That being said, we are ready to commit capital to make the company grow and we would like to find a strategic partner for that.”
Starwood purchased Goutal as part of the $3.2 billion acquisition of Groupe Taittinger/Societe du Louvre in 2005.
In November 2009, Starwood Hotels & Resorts Worldwide, the real estate offshoot of Starwood Capital, sold Bliss Worldwide Holdings to Steiner Leisure for $100 million.