PARIS (Reuters) - Luxury conglomerate LVMH has bought a majority holding in Jean Patou, a French couture label it will attempt to revive by relaunching its ready-to-wear clothing collections.
The label, founded in 1912 by designer Jean Patou, a contemporary of Coco Chanel, was of late solely focused on its fragrance business. It is best known for its “Joy” perfume.
LVMH, the world’s biggest luxury group and owner of Louis Vuitton and Christian Dior, bought the controlling stake from Britain’s Designer Parfums Ltd, a spokesman said, confirming a report on industry site FashionNetwork.
The financial terms of the deal were not disclosed.
To design its fashion lines, LVMH has recruited Guillaume Henry, formerly of Nina Ricci, who is also credited with reviving Carven, another faded French fashion house from the 1940s.
Patou joins a handful of couture labels being revived, although most are expected to remain small players in an age of mega-brands like Vuitton or Kering’s Gucci.
They include France’s Poiret, a label founded at the turn of the 20th century by Paul Poiret and which in February turned out its first catwalk collection since closing nine decades earlier.
South Korean fashion group Shinsegae International is behind its relaunch.
Reporting by Pascale Denis, writing by Sarah White; Editing by Kirsten Donovan