LVMH Moët Hennessy Louis Vuitton said Friday it now owns 100 percent of Florentine fashion house Emilio Pucci, having bought the 33 percent stake still held by the founding family.
Financial terms were not disclosed.
In tandem with the transaction, Laudomia Pucci will relinquish her role as vice president and image director after more than 20 years in that capacity.
She is to dedicate herself to the archives and promoting the heritage of her late father, Emilio Pucci, who founded the brand in 1947, initially designing skiwear out of jersey fabrics.
“I would like to thank the Pucci family, and Laudomia in particular, for their friendship and collaboration over the years,” Toni Belloni, LVMH’s group managing director, said in a statement. “Laudomia has been a precious guardian of the brand, bringing insight, passion and energy to the teams. We look forward to supporting her work on archives and heritage in the future.”
“I started in 1985, so I’ve been in this business for 36 years, bringing forward my father’s legacy, and with LVMH we’ve had a 21-year run. It’s been a beautiful experience and I am glad I consolidated the company and gave it a future,” she told WWD on Friday. “It’s been fantastic, a long, long ride, but now I want to focus on the more cultural and historical part of the Emilio Pucci brand.”
LVMH took a 67 percent stake in Emilio Pucci SRL in 2000 amid a luxury acquisition spree in Europe. At the time, the Italian company had annual sales of about $10.5 million.
Considered one of Italy’s fashion pioneers in outfitting the jet-set, Emilio Pucci’s colorful, graphic motifs on silk jersey quickly became the signature of the house and were originally derived from Renaissance and local Italian art.
LVMH said recently Pucci would return to its roots as a resort-focused brand after experimenting with a range of creative configurations.
The brand recently took the guest-designer route, inviting Christelle Kocher of France and Japan’s Tomo Koizumi for a season. Earlier this month, Pucci revealed a Supreme collaboration that splashed its bold prints on windbreakers, track pants, hoodies and camp shirts.
There have been a variety of permanent Pucci designers over the years, including Julio Espada, Christian Lacroix, Matthew Williamson, Peter Dundas and MSGM’s Massimo Giorgetti, as well as studio configurations.
While boutiques in New York, Milan and Paris were recently shuttered, it is understood that sales at Pucci boutiques in resort locations have been roaring ahead. These include Saint-Tropez in France, Palm Beach and Miami in the U.S., and Portofino and Capri in Italy. The brand is also popular in Russia and the Middle East, where it boasts boutiques in Dubai and Doha, Qatar.