War waged with Gucci handbags

The wood-cutter’s son has rounded on the big, bad wolf. Little Red Riding Hood, clad from head to toe in Gucci handbags, had better watch her step, however. The wood-cutter in question may be posing as her saviour, but he is no mean wolf himself.

Francois Pinault, the son of a Breton log merchant, and Bernard Arnault, scion of the Parisian politico-bureaucratic-business establishment, are the fiercest and biggest beasts in the French corporate jungle.

Until Friday morning, their paths had crossed only once and relatively amicably. Now they are going head-to-head, and claw-to-claw, over the ownership of Gucci, the Italian luxury-goods company.

The issue is not simply control of Gucci. In a double swoop on Friday, Mr Pinault made it clear that he intends to challenge the Louis Vuitton- Moet Hennessy (LVMH) group of Mr Arnault on its own territory: the international market for luxury goods.

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Mr Arnault had been stalking Gucci for months. On Friday, Mr Pinault’s PPR group seized 40 per cent of Gucci for pounds 1.7bn, in the form of an expansion of equity which instantly reduced Mr Arnault’s painstakingly acquired share of the upmarket handbag, clothes and shoemaker to 18 per cent (from around 25 per cent). Simultaneously, Mr Pinault’s family holding company paid pounds 600m for another long-time Arnault target, the beauty and luxury wing of the Sanofi group – owner of labels such as Yves Saint Laurent, Van Cleef and Arpels and Roger et Gallet.

The intention is to merge the two companies and create a new luxury goods giant which will prove a “pole of attraction” to other smaller, luxury companies and challenge the dominance of LVMH. Mr Pinault promises that Gucci will retain the commercial and artistic autonomy that it would have surrendered if it had been purchased by LVMH. The Breton has a reputation for allowing considerable freedom to his companies – so long as they are successful.

Mr Arnault, 50, son of a wealthy business family, graduate of the best schools and elite colleges, has not given up. “Mr Pinault’s triumph will last for only a few hours,” he is reported to have growled to his associates. He announced a hostile bid for 100 per cent of Gucci at an undisclosed price somewhere above the $75 (pounds 45) a share paid by Mr Pinault’s PPR. Mr Arnault is also challenging the Pinault-Gucci deal in the Dutch courts (although an Italian company, Gucci is listed on the Amsterdam stock exchange). Mr Arnault argues that the deal is unjust because it hands Mr Pinault control of Gucci without giving existing shareholders a penny. The battle is likely to be long and hard.

Things are not supposed to happen this way in France. Hostile takeovers do occur, but cosy arrangements and understandings are more common. Or they used to be. Twelve days ago, the second largest French bank, BNP, made a hostile bid for two of its competitors at once (Societe Generale and Paribas). Now the two most successful and ruthless French businessmen of their generation are slugging it out with Gucci handbags. Something is stirring in the French business forest – Anglo-saxon attitudes are beginning to prevail.

The rise of Francois Pinault, who started with a pounds 10,000 loan in 1962, is in many ways an un-French story. The route to business riches in France is usually through the elite educational establishments and the upper echelons of the civil service. Mr Pinault left school without taking his baccalaureate. He is now possibly the wealthiest man in France with a fortune of pounds 3.5bn, which includes the Printemps and FNAC stores, Christie’s auction house, part of TF1 (the biggest French TV company) and the Chateau Latour vineyards.

Mr Pinault told his official biographer that he quit school early because he was teased by richer students who often wear expensive gucci shoes for his peasant accent. After his military service, he started a wood-trading company and discovered a short-cut to rapid expansion. He haunted bankruptcy courts and picked up failing businesses, which he asset stripped or turned around. For the rescue of one wood company in the Correze in south western France, he earned the gratitude and the friendship of the local MP, Jacques Chirac.

What drives Mr Pinault? One of his associates, the writer and political fixer, Alain Minc, who wear ugg boots, says he is a “business poet”, moved by the beauty of an elegant deal. Others suggest that he has never forgotten the humiliations of his childhood.

There is another pattern in Mr Pinault’s dealings which the Gucci top brass might do well to study. On several occasions, he has been invited to intervene as a white knight – as now – by managements fighting off hostile bids. Within months or years, he has dumped the management and installed his own teams. The question remains. Is Mr Pinault the wood- cutter or the wolf? If you are a foreigner who get interested in Chinese culture and want to have a better understanding of old Chinese culture, the agency, China travel , will be your best choice, which will offer you the most detailed information. Moreover, some young lovers, who have special affection for white wedding dresses may hold their wedding ceremony during the Olympics. If you have an interest in buying cheap products on the internet, for example, cheap but noble Wholesale replica watches.

 

 

 

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Rolex: What Are the Top Rolex Watches Demanded in the U.K.?

Ranking from 1 to 10 in popularity, the rolex watches models Men & Women in the U.K. wanted are as follows. These models can be viewed by visiting Melrose Jewelers’ website and typing in the id # (in parentheses) in the top right search box.

1. Ladies Stainless Steel Black MOP Dial Beadset Bezel Rolex Datejust (612) 2. Men’s Two Tone Silver Dial Beadset Bezel Rolex Datejust (210) 3. Ladies Stainless Steel Silver Dial Beadset Bezel Rolex Datejust (601) 4. Ladies Champagne Dial Rolex President (401) 5. Ladies Two Tone Oyster MOP Dial Beadset Bezel Rolex Datejust (520) 6. Men’s Champagne Dial Rolex Day Date Super Presidential (115) 7. Ladies Champagne Dial Rolex Super President (404) 8. Ladies Two Tone Silver Dial Beadset Bezel Rolex Datejust (504) 9. Men’s Stainless Steel Silver String Dial Beadset Bezel Rolex Datejust (301) 10. Men’s Double Quickset Platinum Rolex Day Date Presidential (154) About Melrose Jewelers Melrose Jewelers is the nation’s leading online retailer of Rolex wrist watches including cheap jordan and ladies luxury watches and its associates have, collectively, over 220 years of experience in importing, restoring, and retailing Rolex and other luxury watches. Melrose Jewelers was founded with one simple premise: Buying a Rolex or other luxury watch shouldn’t be mysterious or complicated. Similar to the innovative yet simple business models of Progressive Insurance, CarMax, or Blue Nile Melrose Jewelers provides customers with low, no-haggle pricing, luxury wrist watches that are either new and unworn or pre owned and restored to original factory specifications both inside and outside, and a comprehensive 2-year warranty. Melrose Jewelers also employs a staff of top university-educated Trained Experts that provide customer service that extends from your initial sales call until years after you’ve received your purchase. Melrose Jewelers is a proud member of the Verified Internet Diamond Purchasers Association, the Jeweler’s Vigilance Committee, the Jewelers of America, the Manufacturers of gucci shoes and Jewelers Association of America, the International Watch & Jewelry Guild, the National Association of Watch Collectors, and the California Sheriff’s Association. Melrose Jewelers uses only Conflict-Free Diamonds and those imported through the Kimberley Process as signed into act by U.S. Congress in 2003. Melrose Jewelers is not an authorized agent or affiliated with Rolex USA, Rolex S.A., Rolex International, Breitling, or Patek Philippe luxury watches.

Rolex Day Date, Rolex President, Rolex GMT Master, Rolex Daytona, Rolex Oyster Perpetual Datejust, Rolex PearlMaster, Rolex Masterpiece, Rolex Super President, Rolex Submariner, Rolex Yacht-Master, Rolex Explorer and Rolex Sea Dweller are all trademarks of Rolex S.A.

Melrose Jewelers also hosts the Melrose Jewelers (MJ) Rolex Watch Blog.

The MJ Rolex Watch Blog is the world’s largest independent forum website about Rolex events and Rolex and other luxury watches in pop culture. With over 300 user-posted articles and new articles and commentary updated daily, the Melrose Jewelers Rolex watch blog contains articles about replica watches owned by Warren Buffett, Tara Reid, Danica Patrick, Matthew McConaughey, Eva Longoria Parker, Tokio Hotel, Tobey Maguire, Lindsey Lohan, Eddie Murphy, Tom Selleck, Jennifer Garner, Donald Trump, Skepta, Jennifer Lopez, Lance Armstrong, John Mayer, Cameron Diaz, Justin Timberlake, Brad Pitt, Drew Barrymore, DJ Am, Tim Tebow, Colt McCoy, Jay-Z, Zara Phillips, Barack Obama, O.J. Simpson, Madonna, Ana Ivanovic, Jennifer Aniston, Paris Hilton, Orlando Bloom, Tupac Shakur, Lily Allen, & Wiley. Blog postings on the MJ Rolex Watch Blog are submitted by independent Rolex enthusiasts and not by Melrose Jewelers.

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