2012 November 7
Lacoste Family To Sell 28% Stake
(NEW YORK) Today, the remaining group of family members of the Lacoste family who serve as the company's shareholders announced they will be selling their combined 28 percent stake to retail group Maus Frères SA. The Swiss family business already owned 35 percent of the crocodile-emblazoned brand and its licensing business, Devanlay, before acquiring an additional 30.3 percent two weeks ago from Michel Lacoste, former chairman and chief executive and son of founder Réné Lacoste.
"After studying several options, Sophie Lacoste Dournel and the family shareholders she represents have accepted that any action that pitted two groups of shareholders against each other would harm the interests of the firm and its employees," the group stated in a company press release.
The acquisition will garner Maus 93.3 percent of the firm's capital, and may perhaps temper the feud between Michel and his daughter Lacoste Dournel, who was appointed president of the company's non-executive board six weeks ago amidst protests from her father. Financial details have not been disclosed, but the shareholders are prepared to sell their stake to Maus under similar conditions to last month's acquisition, which valued the brand between $1.3 billion and $1.6 billion. Sophie Lacoste Dournel is expected to retain her current position.
“It is with great sadness that we are considering selling our shares in the company my grandfather founded,” Lacoste Dournel stated in a press release. “We had an ambitious project and the firm desire to ensure the family retained control of the firm. Despite everything, we wish to favor a long-term vision.”
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