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.
Brands from Valentino to Prada and start-ups like Pulco Studios are vying to cash in on the racket sport’s aspirational aesthetic and affluent fanbase.
The fashion giant has been working with advisers to study possibilities for the Marc Jacobs brand after being approached by suitors.
A runway show at corporate headquarters underscored how the brand’s nearly decade-long quest to elevate its image — and prices — is finally paying off.
Mining company Anglo American is considering offloading its storied diamond unit. It won’t be an easy sell.