Puig takes majority stake in Dries Van Noten
Puig announced on Thursday that it has taken a majority stake in label Dries Van Noten. The Belgian designer, who founded his eponymous label in 1986, will continue as chief creative officer and chairman of the board.
"Dries Van Noten is a highly renowned international fashion brand with a strong and unique creative voice, with identifiable codes. This is also a strong company built over the last 30 years, a long term business like Puig that looks for intuitive and logical growth. We, as a worldwide fashion and fragrance company are well positioned to support their aim of accelerating the label’s future growth," the Spanish group wrote in a press release.
The acquisition of the majority stake will concern both womenswear and menswear at the house, but also its development in the fragrance sector, the specialty of the label's new owner.
The Belgian label has eight flagships -- three branches in Anvers and Paris and five franchises in Asia and the Middle East, on top of some 30 department store counters. It retails in 560 points of sale in 52 countries. The label has an annual turnover of over 50 million euros, according to various estimates.
The Puig group houses four other labels within its fashion portfolio: Jean Paul Gaultier, Carolina Herrera, Nina Ricci and Paco Rabanne.
Puig recorded revenue of 1.93 billion euros in fiscal 2017, an increase of 8.1 percent from 2016. .
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