Francois Pinault

From open-encyclopedia.com - the free encyclopedia.

Francois Pinault (born 1937) runs the retail company Pinault Printemps Redoute ("PPR"). He lives in France and is married with four children. He is a friend of French President Jacques Chirac.

Gucci deal

Pinault led PPR through a long battle over control of Gucci, the Italian fashion company, which began with an attempted takeover of Gucci by LVMH, the world's largest luxury goods company. In March of 1999, Gucci asked PPR to acquire an ownership interest in Gucci to help fend off LVMH. The result was a struggle between the two richest men in France, both self-made billionaires -- Pinault and Bernard Arnault, the Chairman of LVMH.

The dispute end in September 2001, when LVMH agreed to sell its shares in Gucci to PPR for $94 a share. PPR now owns a majority of the Gucci stock.

External links

• Forbes.com: Forbes World's Richest People 2004
• "Gucci Fights Off LVMH" - from The MotleyFool