Dries Van Noten has sold a majority stake of its brand to Spanish group Puig, which also owns Carolina Herrera, Jean Paul Gaultier, Nina Ricci and Paco Rabanne.
Van Noten will continue working for the brand as its chief creative officer and chairman, according to a join statement. He will also hold a significant amount of shares from the group.
"I have been searching for a strong partner for the company, which I have built for more than 30 years", said Van Noten in the statement.
Puig strengthens its presence in the fashion business
"Our entry today into the capital structure of Dries Van Noten proves yet again our strategic commitment to developing the Puig fashion business", said Marc Puig, chief executive and chairman of Puig.
The Puig Group is a family business worth over 1 billion euros (1.17 billion US dollars). The company focuses on fashion, beauty and fragrances. Dries Van Noten is one of the best known fashion designers from Belgium. He founded his own label in 1986 in Antwerp. Nowadays, the brand also operates stores in Paris, Hong Kong, Seoul and Tokyo, and is worth 85 million euro (100 million US dollars).