Jean-Paul Gaultier has been bought by Spanish cosmetics group Puig, who acquired amajority share.
The group, which also owns Nina Ricciand Paco Rabanne, bought the 45% stake from Hermes and around 15% from its eponymous designer Jean-Paul Gaultier. Gaultier did not disclose financial terms of the deal.
The designer, who founded the company in 1982, retains a 40% stake in the business and will continue to focus on designing couture and ready-to-wear collections.
Manuel Puig, vice chairman of Puig and president of Nina Ricci, will now take on the role of president at Gaultier.
It was reported last month that Puig was in exclusive talks to buy Hermes’ stake in the fashion house.
Gaultier stepped down as director of women’s ready-to-wear at Hermes last October after presenting it’s spring 11 collection last October.