Spanish fashion group Puig said Thursday it had bought a majority stake in Belgian fashion brand Dries Van Noten, a rare independent luxury goods label, for an undisclosed amount.
Puig, a Barcelona-based, family-owned group that specialises in perfumes and cosmetics, said in a statement it had become the "majority shareholder" of Dries Van Noten, which has been wholly owned by the 60-year-old Belgian designer by the same name since he launched the firm in 1986.
Puig already owns the labels Jean Paul Gaultier, Carolina Herrera, Nina Ricci and Paco Rabanne.
Van Noten, described by the New York Times in 2005 as "one of fashion's most cerebral designers", will maintain a minority stake in the brand, and stay on as the it's creative director and president, the statement added.
He is considered to be one of Belgium's most brilliant fashion designers, alongside Martin Margiela, Ann Demeulemeester and Raf Simons. Van Noten presented his 100th fashion show last year.
Dries Van Noten does not publish its turnover but Puig described it as "one of the most successful independent fashion houses".
Dries Van Noten will stay on as creative director