Lagardere Completes Sale of Paris Match Magazine to LVMH

By Andrea Figueras

French media company Lagardere said it completed the sale of weekly magazine Paris Match to LVMH, as the luxury behemoth expands its influence beyond fashion.

The deal was first announced in February, when the companies entered exclusive discussions regarding the society magazine, which was first established in 1949 and is known for its photos and celebrity lifestyle coverage.

"By joining the group, Paris Match becomes a Maison in its own right," LVMH's Chairman and Chief Executive Bernard Arnault said, adding that the group will work to support the magazine's development, particularly in the digital sphere.

The new division of LVMH will be chaired by Jean-Jacques Guiony, chief financial officer of the LVMH Group, who will assume this role in addition to his current responsibilities.

Pierre-Emmanuel Ferrand, until now managing director of Lagardere News in charge of press and digital, will become managing director of the magazine.

Jerome Begle will remain at the helm of the editorial team, as editorial director. He will also take over the position of publishing director of Paris Match.

The acquisition of the iconic publication expands the influence of the French luxury behemoth, one of Europe's biggest companies by market value, beyond fashion and spirits.

Paris Match adds to the list of media outlets that are part of Bernard Arnault's empire. These include French financial title Les Echos, daily newspaper Le Parisien and Radio Classique, as well as stakes in several other media assets.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

October 01, 2024 10:25 ET (14:25 GMT)

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