The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
French billionaire François Pinault’s holding company Artémis agreed to buy a majority stake in the Hollywood talent giant Creative Artists Agency from the private equity firm TPG Inc.
As previously reported by Bloomberg News, Pinault is buying its stake in a deal that values the business at $7 billion. CAA, founded in 1975, represents some of the top stars in sports and entertainment, including Pinault’s wife, actress Salma Hayek.
Artémis, which has assets of over $40 billion, controls fashion brands such as Gucci and Saint Laurent, as well as the Christie’s auction house. Pinault, chairman of the fashion giant Kering SA, is worth more than $38 billion, according to the Bloomberg Billionaires Index.
Singapore-based Temasek Holdings Pte, the city-state’s investment firm, will remain a minority investor in CAA, the companies said Thursday. CMC Capital remains a CAA strategic partner.
Under the agreement, CAA’s Bryan Lourd, Kevin Huvane and Richard Lovett have each made long-term commitments to continue leading the agency and will remain co-chairman. Lourd is expected to be named chief executive officer when the deal closes. Jim Burtson, who led the CAA deal team, will remain president.
After a decade of turnaround attempts, the British trenchcoat maker’s efforts to thrive as a top luxury player continue to falter. The brand needs more accessible prices and marketing — and quick.
The designer joins BoF founder and editor-in-chief Imran Amed to discuss the ups and downs of his career in fashion and why his new label Donde Esteban is the most authentic manifestation of his creativity.
The management shakeup was announced as the Cartier owner reported mixed sales results including an unexpected turnaround in the US.
CEO Daniel Lalonde hopes to stand out from competitors in the luxury design segment by spotlighting the group’s most recognisable brands.