Puig To Bid For Controlling Stake Of Jean-Paul Gaultier

Spanish group Puig Beauty & Fashion plans to bid for a controlling stake of the French fashion house Jean-Paul Gaultier, despite reports that the French designer is only willing to part with less than 50% of the firm bearing his name, Spanish state-owned news agency Efe reported Sunday, citing people close to the situation.

Puig, an unlisted company, had previously been cited in press reports as a top contender for a stake in JPG. The deal may value JPG at between EUR150 million-EUR200 million, Efe said.

Chinese group Li & Fung Ltd. (0494.HK), which announced the purchase of French shoe maker Robert Clergerie in partnership with luxury goods executive and investor Jean-Marc Loubier earlier this month, is believed to be the main rival for Puig, Efe added.

France's Inter Parfums SA (ITP.FR), like Puig a specialist in operating perfumes under license, has also recognized is interested in such a deal.

In addition, Swiss luxury goods group Compagnie Financiere Richemont SA (CFR.VX) has been touted by French media as a potential candidate, but declined to comment.

French luxury goods company Hermes International SCA (RMS.FR) said earlier this month that it was in discussions with potential buyers of its 45% stake in JPG.

Meanwhile, a person familiar with the matter had said Gaultier himself, who owns 55% of the company, would remain a majority or equal shareholder with the buyer of Hermes' stake, selling only a small percentage oh his shares.

-By David Roman, Dow Jones Newswires, [phone]; [e-mail]