Financière Agache
{{Short description|Family office of the Arnaults}}
{{Use dmy dates|date=February 2025}}
{{Infobox company
| name = Financière Agache SA
| logo = Financière Agache.png
| image =
| image_caption =
| type = Private
| industry = Holding company
| former_name =
| predecessor = Agache-Willot-Boussac
| foundation = {{start date and age|1984}}
| location = Paris, France
| founder =
| key_people = {{UBL|Florian Ollivier (Chairman & CEO)|Frédéric Arnault (Managing director)}}
| parent = Agache SCA
| subsid = {{UBL|Dior|LVMH|Aglaé Ventures}}
| revenue = {{increase}} €86.17 billion (2023)
| operating_income = {{increase}} €22.53 billion (2023)
| net_income = {{increase}} €15.85 billion (2023)
| assets = {{increase}} €147.81 billion (2023)
| equity = {{increase}} €65.59 billion (2023)
| owner = Bernard Arnault and family
| num_employees = 213,268 (2023)
| homepage = {{Official URL}}
}}
Financière Agache SA is an investment holding company based in Paris that is the controlling shareholder of Dior and LVMH. It is controlled by Agache SCA, a company owned by Bernard Arnault and his family.
Financière Agache acts as a family office for the Arnault family and also holds a portfolio of diversified financial investments.
History
The origins of Financière Agache can be traced back to Agache-Willot-Boussac, a French group that dealt in retailing, fashion and manufacturing. Formed from a series of mergers and acquisitions, it owned assets such as Dior, Conforama and Le Bon Marché. It also was close to bankruptcy in the early 1980s.{{Cite news |last1=Greenhouse |first1=Steven |last2=Times |first2=Special To the New York |date=19 September 1988 |title=Pivotal Figure Emerges In Moet-Vuitton Feud |url=https://www.nytimes.com/1988/09/19/business/pivotal-figure-emerges-in-moet-vuitton-feud.html |access-date=22 February 2025 |work=The New York Times |language=en-US |issn=0362-4331 |archive-date=27 September 2017 |archive-url=https://web.archive.org/web/20170927160355/http://www.nytimes.com/1988/09/19/business/pivotal-figure-emerges-in-moet-vuitton-feud.html?pagewanted=all&src=pm |url-status=live }}
In 1984, Bernard Arnault, then a young real estate developer had just returned to France from the United States and had heard that the French government was set to choose someone to take over Agache-Willot-Boussac. During his time in New York, Arnault was neighbour to John Kluge who made billions by taking his company Metromedia private and then liquidating it and had also watched the success KKR had with its leveraged buyouts.{{Cite news |last1=Friedman |first1=Vanessa |last2=Paton |first2=Elizabeth |date=30 October 2020 |title=Tiffany Deal Is a Signature Move by the Sun Tzu of Luxury |url=https://www.nytimes.com/2020/10/30/business/bernard-arnault-lvmh-tiffany-battle.html |access-date=22 February 2025 |work=The New York Times |language=en-US |issn=0362-4331 |archive-date=18 May 2021 |archive-url=https://web.archive.org/web/20210518144308/https://www.nytimes.com/2020/10/30/business/bernard-arnault-lvmh-tiffany-battle.html |url-status=live }} Arnault won the bidding war for Agache-Willot-Boussac using his family's money as well as backing by Lazard.{{Cite web |last=Klawans |first=Justin |date=28 April 2023 |title=A 'wolf in cashmere': How Bernard Arnault became the world's richest person |url=https://theweek.com/business-news/1022951/a-wolf-in-cashmere-how-bernard-arnault-became-the-worlds-richest-person |access-date=22 February 2025 |website=The Week |language=en |archive-date=1 October 2024 |archive-url=https://web.archive.org/web/20241001055115/https://theweek.com/business-news/1022951/a-wolf-in-cashmere-how-bernard-arnault-became-the-worlds-richest-person |url-status=live }}{{Cite web |last=Adams |first=Susan |date=31 October 2019 |title=The $100 Billion Man: How Bernard Arnault Stitched Together The World's Third Biggest Fortune With Louis Vuitton, Dior And 77 Other Brands—And Why He's Not Done Yet |url=https://www.forbes.com/sites/susanadams/2019/10/31/the-100-billion-man-how-bernard-arnault-stitched-together-the-worlds-third-biggest-fortune-with-louis-vuitton-dior-and-77-other-brandsand-why-hes-not-done-yet/ |access-date=22 February 2025 |website=Forbes |language=en}} It was then renamed to Financière Agache.
Financière Agache underwent significant restructuring. Arnault acquired the nickname 'The Terminator' after he laid off 9,000 workers in two years and sold most of the group's assets, with the exception of Dior.
Using the profits from selling assets, Arnault helped bring Louis Vuitton and Moët Hennessy together to form LVMH. In 1989, using Lazard's help once more (which held 10% in Financière Agache at the time), Arnault and Financière Agache were able to gain full control over LVMH.
Using Financière Agache as a platform, Arnault led an aggressive expansion to create the world's biggest luxury conglomerate. Brands acquired included Loewe, Sephora, Marc Jacobs, and Celine. Financière Agache also funded Christian Lacroix.
Financière Agache was controlled by Groupe Arnault, a company owned by Arnault.{{Cite news |date=10 April 2002 |title=Arnault restructure la dette de Financière Agache |url=https://www.lesechos.fr/2002/04/arnault-restructure-la-dette-de-financiere-agache-689297 |archive-url=https://web.archive.org/web/20220105232653/https://www.lesechos.fr/2002/04/arnault-restructure-la-dette-de-financiere-agache-689297 |archive-date=5 January 2022 |access-date=22 February 2025 |work=Les Echos |language=fr |url-status=live }} In December 2020, Groupe Arnault changed it name to Agache.{{Cite web |last=De Kerdrel |first=Yves |date=10 December 2020 |title=WanSquare |url=https://www.wansquare.com/012-31317-Groupe-Arnault-change-de-nom-et-devient-Agache.html |access-date=22 February 2025 |website=Wansquare}}
In July 2022, Arnault changed the legal structure of Agache from a Societas Europaea to a joint-stock partnership to ensure family control over LVMH in the long term.{{Cite web |last=Rascouet |first=Angelina |date=22 July 2022 |title=Arnault Reorganizes Holding to Ensure Family Control of LVMH |url=https://www.bloomberg.com/news/articles/2022-07-21/arnault-reorganizes-holding-to-ensure-family-control-of-lvmh |website=Bloomberg News |access-date=22 February 2025 |archive-date=6 December 2022 |archive-url=https://web.archive.org/web/20221206122721/https://www.bloomberg.com/news/articles/2022-07-21/arnault-reorganizes-holding-to-ensure-family-control-of-lvmh |url-status=live }}
In June 2024, Frédéric Arnault was named managing director of Financière Agache.{{Cite web |last= |first= |date=6 June 2024 |title=Boss's son Frédéric Arnault gets key role in LVMH luxury goods empire |url=https://www.thetimes.com/business-money/companies/article/bosss-son-frederic-arnault-gets-key-role-in-lvmh-luxury-goods-empire-dwc75fvg2 |access-date=22 February 2025 |website=The Times |language=en |archive-date=22 February 2025 |archive-url=https://web.archive.org/web/20250222115159/https://www.thetimes.com/business-money/companies/article/bosss-son-frederic-arnault-gets-key-role-in-lvmh-luxury-goods-empire-dwc75fvg2 |url-status=live }}
Investment operations
Financière Agache issues bonds for financing and acquisition purposes.
Since the 1990s, Arnault has invested in technology companies through his family office. These include Netflix, Spotify and Airbnb.
In January 2016, Catterton, LVMH, and Financière Agache partnered to create private equity firm L Catterton.{{Cite news |last=Picker |first=Leslie |date=5 January 2016 |title=LVMH's Private Equity Arm to Merge With Catterton |url=https://www.nytimes.com/2016/01/06/business/dealbook/lvmhs-private-equity-arm-to-merge-with-catterton.html |access-date=22 February 2025 |work=The New York Times |language=en-US |issn=0362-4331 |archive-date=12 October 2023 |archive-url=https://web.archive.org/web/20231012160906/https://www.nytimes.com/2016/01/06/business/dealbook/lvmhs-private-equity-arm-to-merge-with-catterton.html |url-status=live }} Notable investment include Birkenstock, Jio Platforms and Norwegian Cruise Line Holdings.{{Cite web |last=Tognini |first=Giacomo |date=13 April 2021 |title=How LVMH Chief Bernard Arnault Got Nearly $100 Billion Richer Over The Past Year |url=https://www.forbes.com/sites/giacomotognini/2021/04/13/how-lvmh-chief-bernard-arnault-got-nearly-100-billion-richer-over-the-past-year/ |access-date=22 February 2025 |website=Forbes |language=en |archive-date=23 March 2023 |archive-url=https://web.archive.org/web/20230323011022/https://www.forbes.com/sites/giacomotognini/2021/04/13/how-lvmh-chief-bernard-arnault-got-nearly-100-billion-richer-over-the-past-year/ |url-status=live }}
In 2017, Aglaé Ventures was established as a venture capital firm under Financière Agache.{{Cite web |last=Patty |first=Freya |date=15 December 2022 |title=Bernard Arnault: Meet the startups backed by the world's new richest man |url=https://sifted.eu/articles/bernard-arnault-startups-aglae-news |access-date=22 February 2025 |website=Sifted |archive-date=8 October 2024 |archive-url=https://web.archive.org/web/20241008224848/https://sifted.eu/articles/bernard-arnault-startups-aglae-news |url-status=live }}{{Cite web |last=Duvieu |first=Pauline |date=25 June 2024 |title=La famille Arnault s'investit un peu plus dans les médias et l'audiovisuel avec Webedia |url=https://origin.journalduluxe.fr/fr/business/famille-arnault-investissement-medias-audiovisuel-webedia |access-date=22 February 2025 |website=Journal Du Luxe |language=fr}}
In May 2020, Financière Agache acquired 27% stake in Lagardère Capital, the personal holding company of Arnaud Lagardère. In September 2021, Financière Agache sold its entire stake for a 9.97% stake in Lagardère Group.{{Cite web |last=Weil |first=Jennifer |date=1 September 2021 |title=Bernard Arnault Exiting Arnaud Lagardère's Personal Holding Company |url=https://wwd.com/feature/bernard-arnault-exiting-arnaud-lagarderes-personal-holding-company-1234907526/ |access-date=22 February 2025 |website=WWD |language=en-US |archive-date=22 February 2025 |archive-url=https://web.archive.org/web/20250222114931/https://wwd.com/feature/bernard-arnault-exiting-arnaud-lagarderes-personal-holding-company-1234907526/ |url-status=live }}
In April 2021, Financière Agache co-sponsored a SPAC named Pegasus Europe which raised €483 million. However a target could not be found and it was terminated in April 2023.{{Cite news |last=Boisseau |first=Laurence |date=11 April 2023 |title=Fin de partie pour le plus grand SPAC d'Europe |url=https://www.lesechos.fr/finance-marches/marches-financiers/fin-de-partie-pour-le-plus-grand-spac-deurope-1933932 |archive-url=https://web.archive.org/web/20230504091115/https://www.lesechos.fr/finance-marches/marches-financiers/fin-de-partie-pour-le-plus-grand-spac-deurope-1933932 |archive-date=4 May 2023 |access-date=22 February 2025 |work=Les Echos |language=fr |url-status=live }}
References
{{reflist}}
{{LVMH}}
{{Private equity and venture capital}}
{{authority control}}
Category:Conglomerate companies established in 1984
Category:Conglomerate companies of France
Category:Financial services companies established in 1984
Category:French companies established in 1984
Category:Holding companies established in 1984