- Associated Press - Tuesday, May 3, 2011

PARIS (AP) - The Jean Paul Gaultier fashion house says the Puig Group has bought Hermes‘ majority stake in the label.

In a statement Tuesday, the house of Gaultier said the founder _ the one-time enfant terrible of French fashion and mastermind behind Madonna’s iconic pointy cone bra _ will continue in his role as designer. Puig Group vice chairman Manuel Puig will be the new president of the Gaultier brand.

Gaultier used to design Hermes‘ ready-to-wear line, but his seven-year collaboration with the French luxury label ended last year.

The Puig Group owns Carolina Herrera, Nina Ricci and Paco Rabanne, as well as fragrance licenses for brands including Prada and Valentino. Last year, the group reported net profits of 130 million euros, the statement said.



Click to Read More

Click to Hide