Word: firms
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...unlike Gucci Group or any other conglomerate, private-equity firms aren't in the investment for the long haul. Brands bought today will undoubtedly be on the market again in five or so years, sold to another private-equity firm or a luxury conglomerate?or they are taken public. "It's a different approach," says William Cody, a professor in retail and marketing at University of Pennsylvania's Wharton School. "Gucci is looking to build a brand to fold into its business. Private equity is looking to build a brand to sell. They always have an exit strategy...
...their eldest son Max Kriemler. In 1980, Max's eldest son Albert, then 20, was about to move to Paris when his father's right-hand man died suddenly, and Albert stepped in. Seven years later, after completing studies in law and business management, Peter joined the family firm. (Albert and Peter have a sister who is a doctor...
...downside of any family firm is that it prompts the question about the next generation. Albert understands that interest, "for there was already a pressure in our case because our parents and our grandparents had run a successful business. My brother and my sister have children, but it's premature to discuss their futures...
...revolution," says Karine Ohana, a managing partner of Ohana & Co., a Paris-based mergers and acquisitions firm that works with many European cosmetics companies. "There is a gap in what is being offered?there is high-end or mass?and now the big beauty companies see this masstige niche for brands that are innovative but not expensive. We are about to see deep modifications in the pharmacy market...
...person who has been instrumental in bringing many of these niche brands to the U.S. market is Nick Hudson, co-founder of Excelsior Beauty, the firm that spearheaded the Walgreens deal. Excelsior works with retailers and brands to bring masstige products to North America, and Hudson, formerly of Boots in Britain, is trying to develop the middle market. "In drugstores you have a big range of the multinational brands, while in department stores you've got a wonderful array of premium products. But you don't have what you have in Europe, Asia and elsewhere, a middle ground that gives...