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.
The Swiss watch sector’s slide appears to be more pronounced than the wider luxury slowdown, but industry insiders and analysts urge perspective.
The LVMH-linked firm is betting its $545 million stake in the Italian shoemaker will yield the double-digit returns private equity typically seeks.
The Coach owner’s results will provide another opportunity to stick up for its acquisition of rival Capri. And the Met Gala will do its best to ignore the TikTok ban and labour strife at Conde Nast.
The former CFDA president sat down with BoF founder and editor-in-chief Imran Amed to discuss his remarkable life and career and how big business has changed the fashion industry.