PARIS (Reuters) - Spanish fashion and fragrance group Puig said on Thursday it had taken a majority stake in Belgian brand Dries Van Noten, adding to a portfolio that includes labels like Jean Paul Gaultier.
In a world dominated by European luxury goods conglomerates such as LVMH (LVMH.PA), owner of Louis Vuitton and Christian Dior, or Kering (PRTP.PA), parent to Gucci and Saint Laurent, Dries Van Noten, founded in 1986, was a rare independent brand.
Barcelona-based Puig - a family-owned group which has the perfume licence for brands like Prada (1913.HK) and also owns and develops fragrances for Paco Rabanne and Nina Ricci - did not disclose the terms of the deal.
Dries Van Noten, who founded the Belgian fashion label, will maintain a minority stake in the brand, Puig said. He will stay on as its creative director. The designer is known for his elegant tailoring and emphasis on coloured prints.
Reporting by Sarah White and Pascale Denis. Editing by Jane Merriman