Have you ever wondered who owns Printemps in Paris? This iconic department store has been a symbol of luxury and fashion since the 19th century. If you’re curious about its ownership structure, read on to find out more.
History of Printemps
Printemps was founded in 1865 by Jules Jaluzot, and it quickly became a popular destination for wealthy Parisians. The store was known for its elegant displays, high-quality merchandise, and attentive customer service.
Over the years, Printemps expanded its offerings to include everything from clothing and accessories to home goods and beauty products. Today, it is one of the largest department stores in Paris, with multiple locations across the city.
Ownership of Printemps
Printemps is currently owned by a consortium of investors led by the Qatari royal family. In 2013, Qatar Investment Authority (QIA) acquired a 100% stake in Printemps for an estimated €1.75 billion.
QIA is a sovereign wealth fund that manages Qatar’s oil and natural gas reserves. It has been investing heavily in luxury brands and real estate around the world in recent years, with holdings that include Harrods in London and The Plaza Hotel in New York City.
The Qatari Consortium
In addition to QIA, the Qatari consortium that owns Printemps includes several other entities:
- Royale Vendôme: A subsidiary of QIA that manages luxury retail investments.
- Borletti Group: An Italian company that specializes in retail management.
- LBO France: A private equity firm based in Paris.
Together, these entities control all aspects of Printemps’ operations, from merchandising to marketing to real estate management.
Impact of Ownership Change
Since the Qatari consortium took over Printemps, the store has undergone some significant changes. It has invested heavily in renovations and upgrades, including a major overhaul of its flagship store on Boulevard Haussmann.
The new owners have also focused on expanding Printemps’ global presence, with plans to open stores in other cities around the world. In addition, they have introduced new luxury brands and partnerships to attract high-end shoppers.
Conclusion
In conclusion, Printemps is currently owned by a consortium of investors led by the Qatari royal family. This ownership structure has brought significant changes to the store, including renovations, expansions, and new partnerships. Despite these changes, however, Printemps remains a symbol of luxury and fashion in Paris – and a must-visit destination for any shopper visiting the city of lights!