French Billionaire Francois-Henri Pinault Acquires Majority Stake in Hollywood Talent Agency CAA
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French billionaire Francois-Henri Pinault reached a deal for a majority stake in Hollywood talent agency Creative Artists Agency (CAA) through his family holding company Artemis.
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Pinault's fashion group Kering owns brands like Gucci. The fashion and entertainment industries are becoming more intertwined.
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CAA represents thousands of artists including Beyonce and Pinault's wife Salma Hayek. It branched into representing athletes in 2006.
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The sale comes amid much deal-making in luxury goods as high-end spenders rein in purchases post-pandemic.
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CAA's leadership of Lourd, Huvane, and Lovett will remain, with Lourd becoming CEO when the deal closes, expected this year.