French crystal maker Baccarat, founded by Louis XV more than 250 years ago, said last week that a Chinese fund had finalised a deal to purchase the company, more than a year after the plan was first announced.

Baccarat's directors said the delay in closing the deal announced last June was because Chinese regulators had not cleared the deal.

After four years' consecutive losses, Baccarat resumed its profitability in 2016. Last year's net profit was 3.4 million euros and the sales were 146 million euros.

Starwood took control of the company in 2005, later joined by L Catterton, in which the French luxury conglomerate LVMH has a partnership.

Fortune Fountain Capital, founded by the Chinese businesswoman and Baccarat collectioner Coco Chen, will pay 164 million euros ($189 million) to buy an 89 percent stake held by the US firms Starwood Capital and L Catterton.

Co-founder of Fortune Fountain Capital Coco Chen, is also a Baccarat collector of crystal products. In this transaction, Fortune Fountain Capital purchased 89% of Baccarat's controlling stake from the American investment group Starwood Capital and L Catterton, the world's largest consumer goods investment fund, at a price of 164 million euros, at a price of 222.7 euros per share. On the 18th of the month, the closing price was a premium of 2.1%.

The deal includes a plan to immediately invest 20 to 30 million euros in a drive to expand sales in markets including the United States and Asia.

The company, which employs around 500 people, mostly at its historic production site in the town of Baccarat in eastern France, is hoping to consolidate a financial rebound after years of failing to keep up with explosive growth for luxury firms.

Union leaders had accused directors of scaling back investments even as demand for European luxury brands soared in recent years and called for the opening of more stores.

(Source: JJGLE.COM)