Shareholders of luxury crystal firm Baccarat have approved private equity firm Catterton’s previously announced investment in the company.
The shareholders’ meeting also approved the appointment of two partners of Catterton, Michael Chu and Neda Daneshzadeh, as directors of Baccarat.
Chu says: "We are pleased to complete this investment and look forward to working with Baccarat and Groupe de Louvre as we leverage our brand, retail, and operating expertise to accelerate Baccarat’s growth and development on an international scale. Baccarat is one of the most admired luxury brands in the world, and we look forward to supporting the Company’s long-term success."
Steve Hankin, vice chairman of Baccarat and managing director at Starwood Capital, adds: "We are delighted to welcome Catterton as a shareholder of Baccarat. We are confident that Catterton’s global retail and supply chain expertise and strong track-record of growing consumer companies will be a great asset in accelerating the development of the company, especially on an international scale."
