PARIS — Thierry and Arnaud Gillier, cofounders of fashion label Zadig & Voltaire, have acquired storied French jewelry and watch house Maison Poiray, as well as fine and costume jewelry brand Aurélie Bidermann.
The acquisitions were made through their holding company, Iéna Investissements, and mark a strategic expansion of the brothers’ footprint in the accessible luxury space beyond fashion.
The brands were part of a package deal, purchased from Jean Paul Bize’s private equity firm AMS Group. Financial terms were not disclosed.
AMS Group took a majority stake in the Bidermann brand in 2016 and Bidermann herself stepped into the creative director role of Poiray at that time. She departed the house in 2018, which has been operating without a design head since then.
The flagship boutique on Paris’ Rue de la Paix is slated for a revamp and expansion as one of the first priorities post-acquisition and international expansion is in the cards longer term. The Gilliers will also embark on a search for a new creative director in due time.
“We just closed last week, so we need a short time to have reflection and to develop a real strategy,” Thierry Gillier told WWD. “This is a long-term project to build the house.”
He emphasized Poiray’s heritage. “The opportunity came to the table and we thought about [the house’s] story, and wanted to come into that story,” he said. “It’s an old house and the idea to ‘re-pimp’ the house was very, very interesting.”
Founded in 1975 by François Hérail and Michel Ermelin, Poiray was named as a tribute to French couturier Paul Poiret. The brand is known for its signature interlaced heart motif and its Ma Première watch with interchangeable bracelets, as well as interchangeable stones on rings and other key pieces.
The Gilliers see opportunity to revitalize the brand by targeting a younger audience with an edgier, accessible luxury approach.
“This brand could be rock ’n’ roll too,” said Gillier, drawing parallels with Zadig & Voltaire’s positioning. “It’s a strong brand that is already working well. It is profitable, but we just have to, maybe, add some rock ’n’ roll into that and renew [it].”
He acknowledged that Poiray’s current clientele skews older, and a key goal is to revamp the brand’s appeal while preserving its heritage. “Luxury is in the midst of a big reshuffle,” said Gillier, and Poiray is uniquely positioned to appeal to aspirational younger customers who value storytelling.
In 1986, Nathalie Hocq, daughter of former Cartier chairman Robert Hocq, who also served as Cartier president of general development and design lead, joined Poiray. “As a result of her early work with the house, [Poiray and Cartier] share some of the same DNA,” Gillier said.
Positioning in an accessible luxury space will be key to the new owners’ strategy. For example, a small gold interlaced heart pendant retails for 850 euros, while a large rose gold and diamond version is priced at 13,190 euros. Watches range from 1,500 euros to more than 11,000 euros, with an average price point around 5,000 euros.
The brand’s fundamentals are strong, with growth of 20 percent year-over-year, the team said.
“We are not running after expanding [immediately],” Gillier said. “We are concentrating on organization, high quality, and design” as first priorities.
Poiray currently operates four stand-alone stores in Paris and has corners in key department stores Le Bon Marché, Printemps and Samaritaine Paris, in addition to being sold in multibrand jewelry boutiques throughout France.
Arnaud and Thierry Gillier
Both Maison Poiray and Aurélie Bidermann will operate independently from ZV Holding, which oversees Zadig & Voltaire and cashmere label Pellat-Finet.
Thierry Gillier will continue to serve as artistic director of Zadig & Voltaire. Sales of that brand are projected to hit 450 million euros in 2025. Including fragrance revenue through a licensing deal with Shiseido, total brand sales are expected to reach about 700 million euros, the duo said.
“The fragrance is really performing,” Gillier said, emphasizing that Zadig & Voltaire has morphed into a lifestyle brand and will continue to expand in other categories.
In 2021, Zadig & Voltaire stated its ambition to grow its footprint in China to 60 stores by 2025, but has now shuttered all stores there. After buying out its former partner in the country in 2020, the Gilliers are now seeking a new partner and anticipate a deal by the end of 2025.
Elsewhere, growth in South America has been “a great success” in recent quarters, Gillier said. Zadig & Voltaire currently operates around 400 stores worldwide.
Outside of fashion and jewelry, the Gilliers also operate Parisian boutique hotel Château Voltaire through a separate hospitality company.