M&AJul 31, 2026

LVMH sells Patou back to founder Dilesh Mehta

What's the deal?

LVMH has sold French fashion house Patou to Nirvana Investments LLC-FZ, the holding company of Dubai-based entrepreneur and Designer Parfums founder Dilesh Mehta. Nirvana announced the deal in July 2026.

Why now?

The move follows a period of upheaval at the maison. Former chief executive officer Sophie Brocart exited in November 2024 after six years, and artistic director Guillaume Henry departed in February 2026.

What's the endgame?

Founded by Jean Patou in 1914, the label had been dormant in fashion for 30 years, focusing on fragrances, before LVMH relaunched it. LVMH acquired a majority stake from Mehta in 2018, with Mehta retaining a 30% interest; Henry brought new momentum after being tapped to revive it as a fashion brand.

What's included?

The agreement also covered LVMH's right to use the name of Patou's best-known fragrance, Joy, for a Dior fragrance.

"It has been a privilege to build Patou alongside LVMH from its modern relaunch," Mehta said. "We now look forward to building on that foundation and continuing Patou's growth with the same long-term vision, respect for its heritage and ambition for the future."

The signal:

The sale points to LVMH trimming its portfolio, coming after it offloaded stablemate Marc Jacobs to WHP Global earlier in 2026.