Barcelona-based fashion and fragrance firm Puig has taken a majority stake in Dries Van Noten, the fashion house launched in 1986 by the Belgian designer of the same name.
Puig will be the majority owner alongside Van Noten, who will remain a significant minority shareholder in the long term, the companies said in a statement. The designer will also continue as the brand’s chief creative officer and chairman of the board.
“As an independent house, Dries Van Noten has, over the years, built an exceptional reputation with its avant-garde fashion collections,” said Puig chairman and CEO Marc Puig. “Our entry today into the capital structure of Dries Van Noten proves yet again our strategic commitment to developing the Puig fashion business.”
“I am delighted that we are beginning the next chapter of the Dries Van Noten company and my work as designer alongside Puig, a team I have come to know and a company I have always greatly respected.” Van Noten said. “I am looking forward to their commitment and support. I have been searching for a strong partner for the company, which I have built for more than 30 years.”
The designer added that he is “especially happy” that his team, as well as the city of Antwerp in Belgium, which houses his collection, “will remain at the company’s heart and center.”
When Puig reported earnings for 2017, it said its net revenues were 1.9 billion euros ($2.2 billion), representing an increase of 8.1 percent over the previous year.
Over the past three years, its revenues have grown 28 percent, an increase that the company said was above the industry average. Profits last year climbed a record 47 percent to 228 million euros, or $265.4 million.