Paris Wine Shop Bought By Japanese Investor
A Parisian classic is getting a Japanese touch.
According to Decanter.com, Legrand Filles et Fils, one of Paris' most famous wine businesses, has sold a majority of its stake to a Japanese investor, Amane Nakashima. The president of the food group Nakashimato has bought 78 percent of the shares of the shop's €25 million (or just over $32 million) turnover, Legrand & Associées distribution company, and the Peter Thustrup fine wine store. Gérard Sibourd-Baudry, Legrand's owner since 2000, will continue to own 22 percent and will remain the managing director.
The store has been a Paris staple since the 19th century and was renovated to its current state in 1900. It's on the famous Galerie Vivienne, an arcade, covered street. It was run by the Legrand family, including the daughters and sons as per the store's name, from World War I until 2000, when the inheritors gave the entirety of their shares to Chateauvieux, an investment group.
In 2010, the Nakashima family bought vineyards in New Zealand and is now looking to develop Legrand as a brand. The wine selection will not change, but opportunities will expand.
The purchase price is estimated at about €16 million (or about $20.5 million), a purchase overseen by the Rothschild bank.