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LV manufacturer who gave his opponent? If I say the Arabs in the Middle East, it was estimated to be surprised. This thing, with a little Middle Eastern sovereign fund relationships.

in recent years in emerging countries with export-oriented so-called sovereign wealth funds are very popular, in fact, the first Middle Eastern country 50 years ago, when the oil-producing countries due to oil exports and has a large, in order to make these huge amounts of money can increase the value, they developed a sovereign fund this management model.

but the Middle East sovereign funds has been very low key, just earning money, which, like the cast, these sovereign fund Temasek Chinese Department, the day a pair of Qiu Hui Fang exclusion posture, like fear of people do not know it. If the outbreak of the crisis in 2007, resulting in the Abu Dhabi Investment Authority as the representative of a group of old sovereign funds floating table, people still have not discovered that among these decades, the international community behind a major asset transactions, both large Middle Eastern shadow, their precise vision, dexterity, vision, fearless, what dare to enter the field, both lay a finger on any subject, of course, including a luxury.

Bahrain investment company

1982 summer,[url=http://seesaawiki.jp/mulberryshop2014]Mulberry outlet[/url], a small country in the Middle East, Bahrain's sovereign fund investment company in the capital, Manama, Bahrain established its office opening ceremony presided over by the Prime Minister turned out,[url=http://seesaawiki.jp/mulberryshop2014]Cheap mulberry bag[/url], which shows the company's sovereign background. The company will invest in the region is set to Western Europe and North America. Investment targets will range from luxury real estate to high-tech and other fields and then. Especially in terms of luxury,[url=http://seesaawiki.jp/mulberryshop2014]Replica mulberry bags[/url], Bahrain investment is more than inking similar Breguet, Tiffany (Tiffany), Gucci (Gucci) and other well-known fashion brands have appeared on their investment list. Especially Tiffany and Gucci's investments, PE seems to have become the acknowledged classic example.

1984, Bahrain Investment in the United States successfully acquired Tiffany, 1987 年 put it to get listed on the NYSE, not long after and put options listed all thrown on the market,[url=http://www.mulberryshop2014.co.uk]Replica mulberry bags[/url], its cash fast speed, really staggering. In fact, this approach stems from the company's consistent investment style, with the majority of the Bahraini investment fund focused on long-term sovereign hold different, it almost paranoid pursuit of fast-flowing, holding an asset usually no more than three years. This style runs through almost all of their investment activities, investment in Gucci's no exception.

hunters Gucci

just sell Tiffany's Bahrain, then quickly eyeing Gucci. If the original fancy Tiffany considered good vision, then after a Gucci chose to make people feel incredible,[url=http://www.mulberryshop2014.co.uk]Mulberry outlet[/url], because then the decline of brands like Gucci, but universally acknowledged, for all to see.

know, in the seventies and eighties of the 20th century, Gucci family has been caught in a long power struggle among simply careless operation, its brand is rooted in this decline, which is the "Earth people know." However, Bahrain has chosen to invest it into perspective, and projections from the time, was when Gucci's infighting and internal friction peak on the occasion, the difference at that stage of its product design, bad results of operations, can be said to be reached extreme. Bahrain really do not know what point the investment actually took a fancy to it, or that the Bahraini people will be able to determine what he can put Gucci regulation is good, then the successful listing of cash. This is the middle too many variables, too risky, compared with investment Tiffany, completely not the same thing children. Moreover, in the luxury goods sector, better asset than Gucci texture more to go, it is not the world do? Besides that, if Gucci is relatively easy to obtain pretty well, but the fact on the contrary, all geese are swans family members, regardless of how much their own equity, all baby very, very reluctant to let go of it easily.

Bahrain did not think people have the patience to invest it back over, he just spent more than two years, one after another of the fractional shares in the hands of small shareholders within the family fully in the bag. By 1989, Bahrain has already invested a Gucci 50% of the shares, while another 50% are in the third generation heir - old grandson Maurizio Gucci hands. This year, he had just been elected president of the family members, what comes to mind when the president did not take long, you need to face a shareholder, the shareholder and this also comes from a perhaps he simply does not know the orientation of the East Fangxiao Guo. However, Maurizio probably will not feel any different, because the shareholders seem to want investment, does not interfere operations.

wake Gucci

At this time, the other protagonist of this PPR Group (now renamed as Kering Group) has not any connection with Gucci happen because this was later owned Gucci and many other brands of luxury goods group at the moment does not exist, then it is only one with the owner's name Pino (Pinault) naming timber companies. However, you can not underestimate the selling of wood, others are said to former French President Jacques Chirac's friend.

1993 年 Pino company for illegal acquisition of a U.S. company and federal prosecutors indicted by the United States, the French turned out to be blocked by the government to come forward, the case dragged on for years. AFP even clear that the move is to protect the official Pino, can not generally met with the person's relationship with politicians. Perhaps for this reason, was destined later PPR Group and the sovereign funds of small countries in the Middle East, in the future Taking intersection occurred.

suffered in the fourth year of the "skin boss" transnational prosecution of the same year, which is half of Bahrain equity investment acquired after Gucci, Gucci is still loss-making, there is no improvement. So far, the fund has not been meddling in Bahrain could not run shot. They continue to be concise style, bought directly from Maurizio hands of the remaining 50% stake, finally achieved one hundred percent holding, Gucci family member is no longer anything to do with the brand from now on.

Bahrain investment immediately appointed a new CEO, and let the new CEO to decide creative director candidates. The fashion industry's well-known CEO de Cholet (Dominique De Sole) really discerning, not known at the time of the appointment of Tom Ford in 1994 as creative director, the move was later recognized as the key to let Gucci revive. March 1995, Tom Ford Gucci design for the series will debut a hit. As a turning point, Gucci brand has finally embarked on the road to recovery.

Now we finally understand why the candidates did when Bahrain Gucci, their situation is so bad do not care, apparently they already have stereotypes heart, that he can put it better regulation. In fact, the method is very simple, it is convinced that the power system. After the Bahraini people in charge of Gucci, with Maurizio biggest difference is only doing one thing - selected suitable CEO, the other not care.

fact, de Cholet do make creative director Tom Ford, the outside world is very promising, there are those who are not convinced, have made a mockery out of those, there are going to watch the Joker, for these, is not something anyone could not carry. But Bahrain investment is not moved by public opinion, on the CEO will not interfere, let him toss. It turns out that both the Bahraini investment or de Cholet, of course, including Tom Ford, they are all right.

the final analysis, their eyes were all right. Bahrain investment in the election of the de Cholet, de Cholet election of the Tom Ford, Tom Ford picked the right design. He broke the old Gucci complicated conservative image, so that out of a slightly decadent Gucci sexy route (Porno Chic), which significantly exceeded market expectations, but the sound of the crowd suspected, has been widely recognized by the market. For the latter two do the right thing, the idea can be considered reasonable, after all, they are a professional manager who is familiar with the fashion industry, is a graduate of Niuyuepasen wit. However, the funds from the traditional Islamic countries, but to show such a mature business concepts and advanced corporate governance, which makes quite a surprise. It appears that they frequently gains on investments, is not no reason for. The Bahrain before leaving Gucci, Gucci done to protect the institutional arrangements, even more to demonstrate its confidence in the system and the use of freedom. Yes, the Bahrain investment is soon to withdraw.

successfully released about six months after the first batch of the new Gucci, Bahrain has started to exit the investment matters. They first in 1995 to 49% of Gucci shares to get listed in Amsterdam in 1996, letting the rest of the 51% listed in New York. In this way, the fund Zhezhi small country in the Middle East, another "with lightning speed" to complete the cash behavior.

"timber business" Pino

two flowers,[url=http://www.mulberryshop2014.co.uk/]Cheap mulberry bag[/url], one for each table. In the above-mentioned period of time, timber merchant "skin boss" has begun to enter the retail field. In 1992, he bought the PCD Stores (Printemps), 1994, two years later, it merged with clothing brand la Redout, since then, PPR Group will officially formed (PPR that Pinault-Printemps-Redout), and in that year successfully market, this year is just about to leave Bahrain Investment Gucci in the year, but in terms of PPR temporarily not make sense, because there is no indication that this group of new listings that do know their future. With just listed the hands of the rich, it touches launched a series of mergers and acquisitions, in a full five-year period, from the acquisition of PPR's list, do not see any tricks, look east look west, bought a lot and do not take the industry business. However, if you think that Pinochet himself accordingly idea is so unclear, it may be wrong.
President
talk to people mixed together, of course, not Dengxianzhibei, the fact that it speaks of the "skin boss' vision, no matter which vision is still benefited from his own coaching friends of politicians. In 1992, before the establishment of the PPR Group, which is the acquisition of PCD Pino timber that year, Pino on another set up a company - Artemis holding. When the PPR Group is a public listing of, Artemis holding still been wholly owned by the Pinault family, and for possession of PPR shares up to the actual holding in the company. Mergers and acquisitions in the PPR while, Artemis Holding also launched a merger, when we observe the same list of Artemis holding merger five years, may find a lot of valuable stuff matter, such as the five top wineries in Bordeaux pull Tours wineries (Chateau Latour), Samsonite suitcase (Samsonite), Christie's auction house, life insurance companies and magazines. These high quality assets are owned by the family holding Artemis, did not go into the listed company PPR Group. However, these enterprises PPR is not without a role to play, they have a good cash flow, thereby greatly increasing the Artemis holding pocket depth, so Artemis holding future as a hidden mirror people PPR all M & A action, but also later acquired When Gucci, PPR Sike LVMH's strong backing.

LVMH debut
After
Bahrain had gone completely public of Gucci really comfortable day after a few years, which is why we see the color of Tom Ford most of those years. Persevering good times never last, in January 1999, LVMH was the first to the M & A action for Gucci. In just 20 days, it bought a total of 1.4 billion in four of Gucci 34% of the stock, and immediately dispatched a large shareholder asked three directors to the Board. This is a surprise to Gucci management, so that they are deeply disturbed, because they are very clear, LVMH has been able to engage in such a sudden attack on the management of Gucci, Gucci is the use of 49% of the shares listed in Amsterdam, the Netherlands law does not require The Offeror must be submitted in advance to all shareholders to acquire the program the acquiree. LVMH to do so, it is clear that in order to enter the board thing. That being the case, Gucci management will be an anti-military, requires LVMH to offer to acquire all the shares in Gucci, Gucci let down the city (like to buy a home myself playing chant). This is clearly not the purpose of LVMH, of course, flatly refused, since its hostile takeover was finally established, Gucci management based on this, it is justified to use anti-hostile takeover weapons.

all thanks to the Bahraini people! Gucci body in cash they are not simply leave, but before leaving it to protect management, anti-malware acquisitions institutional arrangements. They sell off holdings in 1995 on the eve of the convening of the general meeting, the board of directors from a legal perspective gives a special right, so that in the event of a hostile takeover, may issue new shares to management, and the management of the company to grant interest-free Loans to buy these shares, the annual dividend shares will be used to repay the interest-free loan. Such new shares issued will neither reduce earnings per share, it will not affect the balance sheet, the company's money neither increase nor decrease the carrying just play a little game, without increasing capital funds, has increased voting rights, which can dilute the voting rights of other shareholders. Because it does not change the interests of the existing shareholders, the general meeting passed the authorization naturally.

genius of this system is that it allows the board without changing the capital case, any increase in the number of new shares issued to management, who continue to increase if a hostile takeover, the board can continue to management issuance of the same number of shares, and the management of the company anyway, who do not have money, and dividends to shareholders are not affected, in addition to hostile takeovers, nobody would have opinions in this matter, which is equivalent to invest in Bahrain has left a Gucci to deal with a hostile takeover of the razor.

Gucci unceremoniously course, immediately brings the magic of this issue with the same number of shares of LVMH acquired shares to equity ratio dropped to about 25%, the right to enter the board. LVMH to detract from $ 1.4 billion in costs, in return for a bunch of diluted voting stock, the board's desire for this fall, of course they refused to let go, they would sue the Dutch courts Gucci, consider issuing new shares to the management of its board , tantamount to "deprive the voting rights of existing shareholders."

everyone knows, all of the requirements in Amsterdam trading, the company listed on the exchange, you can use the issue of preference shares ways to protect it from a hostile takeover, according to the share of investment in General Assembly resolutions Bahrain left, Gucci to Management issuance of new shares belong preference shares. LVMH had to find a new point of attack, they found that Gucci is the Bahraini people to get the two markets listed on the Amsterdam Stock Exchange and the NYSE, which requires any resolution Gucci companies must also comply with the provisions of the two markets. LVMH believe they have found the soft underbelly of Gucci, in turn filed a lawsuit to the United States. Unexpectedly, the NYSE there is such a provision, foreign companies listed on the NYSE, you can use their own rules to protect themselves from a hostile takeover. This is under the LVMH be completely temper.

lengthy litigation for years, but also to Gucci management feel sure, because in the middle of all the management and LVMH's stake was frozen by the court, may not change, but Gucci management was eager to continue holding diluted LVMH proportion of shares, after all, they did not grasp the lawsuit will win. Only the introduction of third party investors, its issue of new shares in order to achieve Gucci management purposes.

play off

PPR and Gucci started at this time is associated with the occurrence of Pino, the PPR him to understand what to do in the future, and that is fully engaged with LVMH's acquisition of this war, to itself as LVMH luxury goods group. Thus, in 1999 in the name of PPR and Gucci strategic investors signed an agreement by the Gucci 3900 new shares to its issuance and allow its future to acquire another 10% of the stock, so PPR final stake of more than 50%. This LVMH misfortunes, he had to put this agreement together with PPR and then an additional prosecution. Lawsuit has hit the Netherlands Supreme Court, the final conclusion is very funny, Gucci Group issued new shares to management and PPR, the general meeting should be authorized. This is not exactly share the general meeting a resolution to invest in Bahrain before leaving in 1995 to complete it?

So far, we have lamented the way Bahrainis superb, and their understanding of the rules of the world's major exchanges, as well as careful thinking when they designed the system once again, as if he had all the things that may occur are predictable to every step you go, he could not have run demarcated circle, just like Jin Yong's novels that can kill dead martial arts master, or the tomb of numerous agencies set up under the Tomb.

LVMH knows hopeless situation, but also want to do a last-ditch, had issued a tender offer to Gucci, but was rebuffed Board. Finally, coordinated by the Dutch courts, tripartite consensus by Gucci PPR shares acquired at an agreed price in full LVMH held for up to 5 years of the lawsuit was finally settled, both the original defendant initially no one wins, but by a third PPR Group who win end, the total cost of its acquisition of Gucci is $ 8.8 billion.

tour trading is cost-effective, it can not just look at the value of a brand Gucci, PPR acquired because of this long process Gucci, PPR behind Artemis holding with strong financial strength, to come forward to support Gucci bought a bunch of international brands including YSL (Yves Saint Laurent) fashion and cosmetics companies, and YSL's cosmetics company and has several well-known brands of perfume, and then successively holding the Italian shoe brand Sergio Rossi, Bottega bags brand Veneta, as well as France, Balenciaga, Boucheron, Alexander McQueen and the UK have rock singer Paul McCartney's daughter founded the brand Stella McCartney. The lawsuit ended, upon completion of the acquisition, Gucci has become the Group's own brands with multiple, which is behind the Artemis Group and PPR holding it, but super-effective yet.

when we look at the list of PPR's acquisition, from 1999 onwards, the merger idea is quite clear, that water is a luxury children. It eventually became the PPR group after LVMH and Richemont's third-largest luxury goods group, thus creating a rival with LVMH PPR, with Arnold saying Hutch Pino.