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Fieldfisher has advised French sportswear label Lacoste on the acquisition from Pentland Group of the Lacoste footwear distribution businesses in France, Germany, Canada and the US and the creation of a joint venture for the worldwide manufacture of Lacoste footwear.
Pentland will continue to distribute Lacoste footwear in the UK. The transaction is fully in line with the strategic plan of the Lacoste Group launched at the beginning of 2015.
The transaction which required competition law clearance in Germany completed on the 3rd January 2018.
Andy Long, CEO of Pentland Brands, said: “This new joint venture, created for Lacoste’s footwear business, demonstrates the strength of the relationship between the Pentland and Lacoste Group, which is the result of 26 years of collaboration since 1991.”
Thierry Guibert, CEO of Lacoste Group, added: “This merger is fully in line with Lacoste Group’s strategic project which aims to promote the brand’s prestige and optimize the coordination of all product categories, thus reinforcing the Lacoste style everywhere in the world.”
David Wilkinson, Partner at Fieldfisher commented: "It was a privilege to advise Lacoste on the transaction and to work so closely with the excellent in-house legal team, headed by Johan Harrysson, on the project.
"An acquisition linked in with a joint venture always creates its unique challenges as you need to create a framework for the operation of the joint venture into the future, while allowing sufficient flexibility for events nobody envisaged.
"More than most transactions, a joint venture requires all parties to be "winners" in the negotiations, so that the right relationship is created for the future. We look forward to seeing the new joint venture grow over the coming years."
CMS acted for Pentland.