Walter Butler announced this Thursday that he was acquiring 85% of the Pierre Hermé company from L’Occitane. However, the founder of the eponymous brand retains his stake.
Crowned best pastry chef in the world in 2016, Pierre Hermé is giving up part of his shares. Indeed, the House of pastry known worldwide for its macaroons, has been bought by the investment company Butler Industries.
This company takes over 85% of the capital from LOG Investment, the holding company of the owners of L’Occitane, which had become a majority shareholder in the company Pierre Hermé in 2019. L’Occitane wished to sell its shares, with the aim of focusing on cosmetics.
However, the founder Pierre Hermé retains the balance of the company’s shares. He said about the departure of L’Occitane in Pierre Hermé: “We are not angry, we keep the store on the Champs-Élysées, a flagship for our two brands.”
Hermé also said he was “very happy to open a new page and continue the international development strategy of Pierre Hermé Paris.”
Today, Pierre Hermé represents some 60 points of sale in Europe, Asia and the Middle East, including 25 in France. It employs over 500 people worldwide. This decision is in line with the company’s international development strategy. In fact, almost half of the company’s sales are generated abroad, more specifically 40% in Japan.
“We have prospects for development in France, the Middle East and Asia,” Pierre Hermé told AFP. “In Qatar, until now, we were selling macaroons, chocolates, cakes, and we are creating a pastry workshop that will allow us to open stores with pastries in early 2022 ” he added.
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Featured photo : © Pierre Hermé
