Hermes sells its stake in Jean Paul Gaultier to Puig
Hermes has sold its 45% stake in Jean Paul Gaulitier to Puig. Puig will also acquire some of Gaultier's shares giving them control. Spain-based Puig also owns other fashion houses including Nina Ricci and Paco Rabanne as well as licenses to make perfume for several others.
The perfume license for Jean Paul Gaultier is currently owned by Shiseido's Beaute Prestige International, and the contract doesn't expire until 2016.
Inter Parfums, who create perfumes for Burberry, Paul Smith and Gap; and also own the fashion house of Lanvin, were also said to be interested in acquiring Hermes' stake in Gaultier.