Spanish Puig buy out Dries van Noten on last minute acquisition

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At the end of May, the deal was just an assumption, nothing more than rumors. Now, as reported by Business of Fashion portal, it has come true. In fact, a few hours ago, Spanish Puig group have bought out Dries van Noten, a fashion brand founded in 1985 by Belgian fashion designer Dries van Noten. According to BoF, it was “one of the last independent fashion houses”. The designer/founder will still hold a minority share and, as announced by Puig, he will still be both the creative director and president of the brand. Allegedly, as reported on wwd.com, the overall turnover of Dries van Noten amounts to 100 million euros, or slightly less than that. Furthermore, the brand takes advantage, supposedly, of a very “unconventional” attitude that comes from its founder: independent, scarcely open to complying with the fashion business reasons and criteria, which are more and more frenzied and glam, extremely dedicated to products (namely footwear, for example). On the other hand, Spanish Puig group are actively playing both in the fashion business and in the perfumes industry: in such segments they work along with other brands, such as Nina Ricci, Carolina Herrera and Paco Rabanne. As regards fashion, they own the majority share of Jean Paul Gaultier. In 2017, their overall revenues reached 1.935 billion euros.    

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