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French family businesses

Arnault family office and family business enters private equity partnership

January 7, 2016

French family office Groupe Arnault and the eponymous family’s luxury fashion empire LVMH are joining forces with US-based private equity firm Catterton to launch a new global consumer-focused investment firm, L Catterton.

With six distinct fund strategies and expectations to have $12 billion worth of assets under its management once the transaction has been finalised, L Catterton is set to become the largest consumer-focused firm of its kind.

Bettencourt and Benson: parallels between two family business court battles

January 26, 2015

Not one but two family business dynasties are in court this week, in generational battles questioning the decision-making ability of aging family members.

Not one but two family business dynasties are in court this week, in generational battles questioning the decision-making ability of aging family members.

In the US, Tom Benson, the billionaire owner of pro-American football team the New Orleans Saints, will be in court over the future control of his sports and business empire.

And starting today in Southern France, 10 people will be answering to allegations that they capitalised on the mental frailty of L’Oreal heiress, Liliane Bettencourt.

Women poorly represented on family business boards in Europe

December 16, 2014

Women make up only 16% of family business boards in Continental Europe’s four largest economies, and only 10% of boards in Germany, new research has revealed.

Women make up only 16% of family business boards in Continental Europe’s four largest economies, and only 10% of boards in Germany, new research has revealed.

The 2014 Survey of Corporate Governance Practices in European Family Businesses examined board composition, board efficiency, succession planning and chief executive/chairman demographics.

Taittinger: A mission of happiness

October 17, 2014

Taittinger was a favourite tipple of Ian Fleming’s James Bond and became the first ever official champagne Fifa served to VIPs at the World Cup in Brazil. Despite its glamorous image, however, the French champagne house adheres to a set of humble family values.

Religion is never far from the surface at Champagne Taittinger. The Gothic spires of Reims’ Notre-Dame Cathedral are clearly visible only a mile from the office of Pierre-Emmanuel Taittinger, the president of the eponymously-named champagne house and figurehead for what he calls “the champagne mission”.

Matriarch of Rothschild winemaking family dies, aged 80

August 26, 2014

Philippine de Rothschild, a fifth-generation matriarch of the winemaking branch of the European dynasty, has died in Paris, at the age of 80.

Philippine de Rothschild, a fifth-generation matriarch of the winemaking branch of the European dynasty, has died in Paris, at the age of 80.

De Rothschild had been chairwoman of Baron Philippe de Rothschild for almost three decades and was the first woman to head the Bordeaux winemaker.

She died in Paris on Friday "from the effects of a serious operation", the company said in a statement.

Peugeot appoints first non-family chairman

March 24, 2014

French family firm PSA Peugeot Citroen has appointed its first non-family chairman, following the announcement of its recapitalisation last month, but there could be future family-member leaders waiting in the wings, according to a business and corporate governance expert based in France.

Last week, the carmaking firm confirmed French civil servant Louis Gallois would be its new chairman, and the family’s board presence would halve to two voting members, due to the family diluting its share in the family business.

Peugeot Citroen deal shows French families need to think global, says business expert

February 21, 2014

The recapitalisation of French family business PSA Peugeot Citroen sends a message to other family firms that they need to join forces with foreigners to survive in the modern world, says a business and corporate governance expert based in France.

This week the Peugeot family announced it was diluting its shares in the carmaker, France’s largest family business, from its existing 25% holding and 38% voting rights.

Galeries Lafayette mulls House of Fraser purchase

December 18, 2013

Family-controlled French department store group Galeries Lafayette is reportedly considering a purchase of British counterpart House of Fraser, in an effort to expand its operations across the Channel.

The 164-year-old House of Fraser had been mulling an IPO in 2014, as previous attempts over the past two years at a trade sale have failed.

But according to Reuters, two industry sources have confirmed the department store groups are currently in talks, meaning the planned public
listing wouldn’t go ahead.

Bollore’s car battery tech start up goes public

October 30, 2013

French family-controlled holding company Bollore has today launched an initial public offering on the Paris Stock Exchange for its car battery business, which uses technology descended from the family firm’s original nineteenth-century paper manufacturing firm.

Family business roundup: Hermes, Ferragamo, Folli Follie, Exor

August 30, 2013

Hermes surprises with strong profits for the first half, while Ferragamo and Folli Follie also see profits up. Exor sees profits soar due to SGS sale.

Hermes
Strong demand for leather and silk accessories has seen French luxury group Hermes beat forecasts for its first half operating profit, up 14% to €584 million.

The fashion group said growth was balanced in all regions, with Asia ex-Japan and the Americas both seeing growth of 17% compared to the previous year.