Puig Group to buy Valentino

According to daily newspaper L’Expansion, Spanish luxury beauty and fashion group PUIG is reportedly in talks with Permira, to acquire a majority stake of 70% in Italian fashion house Valentino, which is owned by the investment fund. PUIG owns other luxury fashion houses such as Nina Ricci, Paco Rabanne and Jean Paul Gaultier (acquired in 2011 from Hermes). The move comes less than one year since PUIG acquired the licence for Valentino fragrances from P&G. To finance its ambitious expansion plans to gain market share in the international luxury market, PUIG has agreed to sell one of its production facilities in Spain to Unilever for 32 million euros.