Fremont, currently residing in Lausanne, Switzerland, has been operating as a private investor since 1999, dealing in everything from web-enabled mobile phone technology to agricultural production in Africa.

The self-made man began his business career as a teenager, packing oranges by night at Paris' former Les Halles market.

Fremont has now acquired control of Mauboussin -- one of the last jewelers in the Place Vendome that remained in private hands -- with his takeover of 70 percent of the company's capital.

The remaining financial interest is held by French bank BNP and the Mauboussin family, headed by Patrick Mauboussin, who will now assume the role of creative director.

The 175-year-old company reportedly suffered losses last year of around 15 million euros on a turnover of the same size and, contravening French law, the company has not registered its balance sheet with the Commercial Court in Paris for the last two years.

With this injection of much-needed funds, Fremont foresees a return to stability for Mauboussin as soon as next year. He also envisages a rather ambitious turnover of 100 million euros within the next five years, brought about by prioritizing creation, distribution and communication.

The new owner's first initiative will be to establish a framework of strong and focused management, transferring Yves Dunoyer de Segonzac (formerly of Guerlain) from Mauboussin's ill-fated perfume division to the post of commercial director.

On June 15, the company will name a general director, with expertise in troubled businesses.

Whether it's too late for Mauboussin to steer itself back onto the path of profitability remains to be seen.

But the former fruit packer at the helm clearly thinks there's life in the old girl yet.