Poiret with his models in London, 1925.
Nearly a year after it was put up for sale, historic French fashion house Paul Poiret has been sold to South Korean conglomerate Shinsegae International which hopes to reinvent the brand for a modern consumer, reports WWD. The plan for the label is to focus on fragrance and beauty to begin with before moving on to fashion and accessories, according to Pierre Mallevays, the managing director of London-based practice that represents the seller, Luvanis SA.
"They want to reinvent the DNA and make it relevant to today," Mallevays said. "They're not buying it to make it a Korean brand. They're buying it to develop it based out of Paris and distribute it on the international market. They're very sophisticated, and they really understand brands."