French crystal maker Baccarat is now in a position to go ahead with the two major expansion projects proposed by US investment fund Starwood, which now owns over 85% of shares in the company. Business…
French crystal maker Baccarat is now in a position to go ahead with the two major expansion projects proposed by US investment fund Starwood, which now owns over 85% of shares in the company. Businessman Georges Renand, previously a member of the board of directors of the group with a blocking minority in Baccarat, had strongly opposed the plans, which he believed would take the brand down market. Starwood had proposed a five-year strategic plan to double Baccarat“s turnover and a licensing contract to develop luxury bars and hotels under the Baccarat brand. Starwood will be able to proceed with its plans following the withdrawal of Mr Renand from the board of directors and the sale of his 34% stake in the company to the US investment fund. The US company says that it is recruiting managers for the five-year plan, which is aimed at accelerating the sale of products by expanding the group“s ranges. Starwood also intends to invest over USD 500 million in the development of five-star hotels; the company is to seek co-investors, and expects to open the first of the new establishments in two or three years.