The runway at the Dries Van Noten Fall 2018 fashion show. Photo: Getty Images

After over 30 years as an independent designer and fashion brand, Dries Van Noten announced on Thursday that he has sold a majority share of his business to Spanish-based group Puig.

In a joint announcement, Puig and Van Noten say that the designer will remain a "significant minority shareholder" as well as retain his titles of chief creative officer and chairman of the board. "I have been searching for a strong partner for the company which I have built for more than 30 years," Van Noten says. "I am especially happy that Antwerp and my team will remain at the company's heart and center."

Puig, which is third-generation family-owned, also controls fashion labels like the recently-revamped Carolina Herrera, Paco Rabanne and Nina Ricci, as well as runs various licenses and beauty brands. "As an independent house, Dries Van Noten has, over the years, built an exceptional reputation with its avant-garde fashion collections," says Puig CEO and Chairman Marc Puig. "Our entry today into the capital structure of Dries Van Notoen proves yet again our strategic commitment to developing the Puig fashion business."

Indeed, Van Noten has been an industry favorite since he launched the brand in 1986. If Puig is intending to build the kind of fashion conglomerate to compete with the likes of Kering and LVMH, this is certainly a strong move.

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