In a major move that brings the fashion and film industries closer together, French billionaire François Henri-Pinault’s Artémis has acquired the majority stake in Creative Artists Agency (CAA) previously held by global investment firm TPG.
The founder, chairman and CEO of Kering Group’s investment company announced on Thursday that Artemis had officially signed a deal with the Hollywood superagency following months of speculation.
The deal adds to Artémis’s asset portfolio valued at $40bn. Financial terms of were not disclosed for the deal, which is expected to be completed later this year customary to the customary closing conditions. An unconfirmed report on Bloomberg News earlier this summer put the stake in the $7bn range.
CAA’s current leadership trio of Bryan Lourd, Kevin Huvane and Richard Lovett will remain as co-chairmen. Lourd is expected to be named CEO when the deal closes and Jim Burtson, who led the CAA deal team, will remain president of the agency.
The deal comes amid the ongoing Writers Guild Of America and SAG-AFTRA strikes in Hollywood which continue to shake up the global entertainment landscape and could see more talent jump to brand promotional deals as the strikes linger, further blurring the lines between the two industries.
Artémis owns luxury powerhouse Kering, home to fashion brands like Gucci, Saint Laurent, Balenciaga and more, in addition to holdings in the art world (Christie’s, Pinault Collection) and wine estates.
In April, French fashion house Saint Laurent launched a film production company led by artistic director Anthony Vaccarello and took its first project – Pedro Almodóvar’s short, Strange Way Of Life starring Ethan Hawke and Pedro Pascal – to Cannes.
Chanel continues to invest in cinema as official partner of several old and new industry events like the ongoing Deauville American Film Festival in September and the just-launched Nouvelles Vagues festival in Biarritz.
Meanwhile Kering continues to step up its foray into the world of film. The company is an official partner of the Cannes Film Festival and launched a Women in Motion programme in 2015 to spotlight inspiring female actors, filmmakers and producers that this year honoured Michelle Yeoh at a dinner in Cannes hosted and attended by Pinault and his wife actress Salma Hayek Pinault, a longtime CAA client along with the likes of Tom Hanks, Steven Spielberg, and Zendaya.
Pinault said in a statement that the deal offers Artémis “increased diversity, both in terms of geographical footprint and business activities, to our other assets”.
He added: “CAA’s exceptional insight, relationships and access across key sectors, combined with their widely regarded level of collaboration and innovation, gives the company a formidable role in driving global opportunities for its diverse and culture-defining clients.”
In a joint statement Lourd, Huvane, Lovett, and Burtson said, ”Artémis is a strategic investor of the highest order, with global reach and resources across countless areas of our clients’ interests, a deeply sophisticated understanding of global brands and how to support their growth, and a passion for creativity and innovation that matches ours and that of our clients. François-Henri Pinault and his remarkable team, led by Héloïse Temple-Boyer and Alban Greget, share our vision for a future of limitless new opportunities.”
They continued, ”We are enormously grateful to TPG for their strategic expertise, invaluable support, and friendship over 13 years. We enjoyed tremendous growth and success together and look forward to continuing to collaborate on projects ahead.”
Jim Coulter, executive chairman and co-founder of TPG, said it has been a privilege to partner with CAA ”during one of the most exciting periods of innovation and transformation across the media and entertainment industry”.
Singapore-headquartered global investment firm Temasek will remain a minority investor in CAA. CMC Capital remains a CAA strategic partner.
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