Switzerland's Maus Freres acquires controlling stake in French sportswear firm Lacoste
27 Oct 2012
Maus Freres Group, one of Switzerland's largest retail groups, yesterday acquired a majority controlling stake in Lacoste SA by buying an additional 30.3 per cent, valuing the French sportswear firm at between €1 billion to €1.25 billion ($1.29-$1.62 billion).
Geneva-based family-owned Maus Freres already holding 35 per cent in Lacoste, acquired the additional 30.3 per cent from Lacoste's family members, including Michel Lacoste, the company's former chairman and CEO and the son of Rene Lacoste, a former tennis champion and founder of the company with the crocodile logo.
In 1998, Maus Frères acquired 90 per cent stake in Devanlay SA, which had long been the manufacturing force behind the LaCoste brand name. Devanlay then acquired 35 per cent in Lacoste and has three voting members on the board, while the remaining 65 per cent is held by 22 members of the Lacoste family.
Maus Freres has taken advantage of the infighting within the Lacoste family to gain control of the company that had 2011 sales of €1.6 billion.
The family feud has pit father against daughter in a battle for management of Lacoste. Michel Lacoste was not in favour of the company board in September nominating his daughter Sophie Lacoste-Dournel as non-executive president, and instead wanted his niece Beryl Lacoste-Hamilton to take control of the company.
Michel Lacoste had alleged that charges that Maus Freres had convinced half his family to form an alliance in order to take control of the Paris-based retailer.
