PARIS, Nov 8, 2001/ --- French luxury group LVMH Moet Hennessy Louis Vuitton’s Emilio Pucci unit has acquired a 67 percent stake in the company that produces its ready-to-wear line, the Italian company Casor.

"The deal is important, but at the same time it’s only the continuation of the existing relationship between Emilio Pucci and Casor," Pucci CEO Catherine Vautrine told FWD today. "Casor has been in charge of production and development of Pucci’s ready-to-wear for a few years and the relationship was going well. We felt that taking a stake would make things go even better."

A price for the acquisition was not disclosed. Vautrine will become chairman of the Bologna-based Casor, which also produces for Milan-based American designer Lawrence Steele. The Cassoli family will continue to hold a 33 percent stake in the group and Sergio Cassoli will take on the position of Casor CEO.

Meanwhile, Vautrine said that important near term plans for the Emilio Pucci brand include the opening in Florence of a store in the central and chic Via Tornabuoni. "If things go well, it should be opened by mid-December," she said.

Like other fashion groups, Vautrine said that Pucci has been affected by the current financial downturn. "The crisis is really tough for everyone and it’s tough for us because Emilio Pucci has been important in Italy and the U.S. and the Japanese are also fond of Pucci. So obviously we are affected by the fact that people aren’t traveling and by the events in New York."

But she said that the company is looking ahead and going forward with development plans. One of the projects currently underway is the development of Pucci shoes, through a license with RossiModa.