The owner of Gucci, Yves Saint Laurent and Puma — French luxury goods giant PPR — on Friday joined a string of high-end brands reporting ballooning 2010 profits, firms and consultants predicted rosy days ahead for luxury goods. “The recession’s starting to look like an old memory for the luxury industry,” said analyst Matthew Curtin, quoted by Dow Jones Newswires. PPR chief executive Francois-Henri Pinault, whose is married to film star Salma Hayek, said of the group’s doubled first half net profits, “very good results … in an economic environment that remains hesitant.” “There’s a new perception of luxury, a more discreet sophisticated luxury where notions of heritage and craft play a big role,” he added. – from AFP
Bio of François-Henri Pinault, Chairman and Chief Executive Officer PPR:
A graduate from HEC, Francois-Henri Pinault joined the Pinault Group in 1987 where he had various responsibilities in the main subsidiaries of the Group. After starting off as a salesman in the Evreux branch of Pinault Distribution, a subsidiary specialised in wood importation and distribution, in 1988 he set up said Company’s purchasing group for which he was responsible until September 1989.
Appointed CEO of France Bois Industries, the Company comprising the industrial activities of the Pinault Group, he managed the 14 plants of this subsidiary until December 1990, when he returned to Pinault Distribution to become Chairman. In 1993, his responsibilities were widened upon his appointment as Chairman of Cfao and as member of the Executive Board of Pinault Printemps Redoute. Four years later, he was appointed Chairman and CEO of Fnac, a position he held until February 2000. He was then appointed Deputy Chief Executive Officer of Pinault Printemps Redoute with responsibility for the Group’s Internet activities. Francois-Henri Pinault has been a member of the Board of Directors of Bouygues SA since December 1998. He became the co-manager of Financiere Pinault in 2000 and was appointed Chairman of the Artemis Group in 2003. In 2005, he was appointed Chairman of the Executive Board and then Chairman and CEO of PPR.
After holding the offices of Chairman of the Executive Board of PPR (from March 21, 2005 to May 19, 2005), Vice-Chairman of the Supervisory Board (from May 22, 2003 to March 21, 2005), and member of the Supervisory Board (from January 17, 2001), Francois-Henri Pinault has been the Chairman and CEO of PPR since May 19, 2005.
François-Henri PInault is also Chairman of the Supervisory Board of Puma AG.