La Redoute

"The first operation was in January 1987. La Redoute's stock soared while 21% of the company's capital changed hands. Newspapers were lost in conjecture, with some believing that the buyer was Carlo De Benedetti, Trois Suisses, Compagnie Bancaire or Carrefour. In reality, it was the Arnault-Letertre tandem at work. Was it a greenmail operation or a strategic change? It was both, as each had distinct but complementary objectives."

"The choice of La Redoute was consistent with his usual criteria: mail-order sales were a growing sector, direct contact with consumers was possible, the brand had strong notoriety, and the company provided access to the financial market to raise new capital."

"After which, unlike Bernard Tapie, François Pinault understands that if he wants to enter the big leagues, he will have to break with his past and buy himself a conduct. What took three generations in the 19th century is done in one life at the end of the 20th... He sidelines his former associates, moves away from the world of commercial courts, whitens himself by calling on Alain Mine for his advice, and Anne Méaux for his communication. On these new foundations, he will take over CFAO, SCOA, Conforama, Le Printemps, La Redoute, and FNAC. All exercises in high-flying, jumping from branch to branch between his different companies, to the great dismay of minority shareholders and relying on the generosity of Crédit Lyonnais..."