Dries Van Noten Sells Majority Stake to Puig

Dries Van Noten, one of the last of the independent names at the top of Europe’s fashion sector, has sold a majority stake in his business to the Spanish luxury group Puig. The move reflects the difficulty that a stand-alone brand faces today in a global marketplace, with its continual pressure for technological innovation and growth.

In an announcement on Thursday, Mr. Van Noten, a Belgian, said that the deal had been made to fuel the long-term growth of his namesake business.

As part of the partnership with Puig — which is primarily a fragrance group, although it also owns fashion brands with strong scent businesses, such as Carolina Herrera, Paco Rabanne, Nina Ricci and Jean Paul Gaultier — Mr. Van Noten will continue to be chief creative officer and chairman of the board.

The value of the sale of the majority stake, which came after months of talks with other interested parties, including several private equity firms, was not disclosed.

“I am delighted that we are beginning the next chapter of the Dries Van Noten company and my work as a designer alongside Puig, a company I have always greatly respected,” Mr. Van Noten said. “I have been searching for a strong partner for the company which I have built over more than 30 years. Together, we are now ready to realize our dreams.”

Until this week, Mr. Van Noten had been one of few founder-designers still in sole charge of a business in the top tier of the luxury landscape. During a decade-long race, large holding groups like Kering and LVMH Moët Hennessy Louis Vuitton have scooped up many small labels and talent.