Feb 21, 2013
LVMH buys minority stake in designer Maxime Simoens
Feb 21, 2013
PARIS - LVMH, the world's biggest luxury group, unveiled its first acquisition in fashion in four years on Thursday when it took a minority stake in young French fashion brand Maxime Simoens for an undisclosed sum. As part of the deal, Sidney Toledano, chief executive of LVMH's biggest fashion brand Christian Dior, will coach the 28-year-old designer and his staff of ten.The LVMH group, which owns Louis Vuitton, Celine, Fendi and Kenzo, said in an emailed statement it wished to "accompany the development of this young talented French designer." The deal comes after LVMH rival PPR announced last month it was acquiring control of British brand Christopher Kane to reinforce its stable of fashion brands which include Stella McCartney and Alexander McQueen.
The Simoens deal provides further evidence of a pick-up in consolidation in the luxury fashion sector driven by expectations of growth in Asia and North America and solid demand from travellers in Europe.
"This partnership endorsement will allow the house to develop my creative vision internationally. It's like a new kick off!," Simoens said in a statement.
The French designer, who graduated from the Chambre Syndicale de la Couture Parisienne, started taking part in the Paris calendar of couture shows in Jan. 2011.
Maxime Simoens will unveil his first ready-to-wear collection on March 3 together with his first bag and shoes collection. (Reporting by Astrid Wendlandt; Editing by Mark Potter)
Astrid Wendlandt and Pascale Denis
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