PARIS — Swiss Art & Fragrance SA announced Monday that it will repurchase the 49.2 percent share of French crystal and jewelry house Lalique SA that it had sold to Financière Saint-Germain in September 2008. It’s a stake that excluded Lalique Parfums.
“Owing to differences of opinion regarding the strategic direction of Lalique, Arts & Fragrance will now buy back FSG’s holding at the original selling price,” stated Art & Fragrance, referring to the 20.5 million euros, or $27.9 million at current exchange, FSG had paid. The transaction’s completion is expected around early January. At that time Art & Fragrance will own 99.8 percent of Lalique.
Art & Fragrance originally acquired Lalique from Groupe Pochet in February 2008.
“Art & Fragrance will continue to run Lalique as an independent company and will further develop the business on the basis of the restructuring that was successfully completed at the end of 2009,” stated Art & Fragrance. “Lalique is likely to achieve profitability this year or in 2011, depending on the development of year-end sales.”
Lalique’s fragrance and cosmetics business is “performing well,” according to Art & Fragrance.