Thierry and Arnaud Gillier, founders of the fashion brand Zadig & Voltaire, have acquired the French jewelry labels Maison Poiray and Aurélie Bidermann. The acquisition was made through their holding company, Iéna Investissements.
The two brands were sold by AMS Group, the private equity firm led by Jean Paul Bize. Terms of the transaction were not disclosed. The acquisition reflects a broader strategic move by the Gilliers to grow their presence in the accessible luxury segment beyond fashion.
AMS Group acquired a controlling interest in Aurélie Bidermann in 2016. At that time, Bidermann also became the creative director of Poiray. She exited the brand in 2018, and Poiray has operated without a design lead since.
Post-acquisition, one of the first initiatives will be a revamp and possible expansion of the flagship store on Rue de la Paix in Paris. The owners also plan to appoint a new creative director, though no timeline has been set.
“We just closed last week, so we need a short time to have reflection and to develop a real strategy,” Thierry Gillier told WWD. “This is a long-term project to build the house.”
Gillier emphasized the brand’s history as a key factor in the decision. “The opportunity came to the table and we thought about [the house’s] story, and wanted to come into that story,” he said. “It’s an old house and the idea to ‘re-pimp’ the house was very, very interesting.”
Maison Poiray was founded in 1975 by François Hérail and Michel Ermelin and named in honor of couturier Paul Poiret. The brand is best known for its interlaced heart motif and its Ma Première watch, which features interchangeable bracelets and stones.
The new owners aim to reposition the brand to attract a younger audience while retaining key elements. “This brand could be rock ’n’ roll too,” said Gillier. “It’s a strong brand that is already working well. It is profitable, but we just have to, maybe, add some rock ’n’ roll into that and renew [it].”
Poiray’s current customer base is older, and Gillier noted the challenge of modernizing the label’s appeal. “Luxury is in the midst of a big reshuffle,” he said, adding that Poiray has the potential to connect with younger, aspirational consumers who value storytelling.
Nathalie Hocq, daughter of former Cartier chairman Robert Hocq, joined Poiray in 1986 and was involved in shaping the brand’s early identity. “As a result of her early work with the house, [Poiray and Cartier] share some of the same DNA,” Gillier said.
Price points at Poiray place it firmly in the accessible luxury category. A small gold heart pendant is priced at 850 euros, while a large version in rose gold with diamonds reaches 13,190 euros. Watches start at 1,500 euros and range up to more than 11,000 euros, with an average price around 5,000 euros.
According to the Gilliers, the brand has seen 20 percent year-over-year growth.
“We are not running after expanding [immediately],” Gillier said. “We are concentrating on organization, high quality, and design.”
Poiray currently operates four standalone boutiques in Paris and maintains retail points at Le Bon Marché, Printemps, and Samaritaine, along with distribution through multibrand jewelers across France.
The two newly acquired brands will be managed separately from ZV Holding, which oversees Zadig & Voltaire and the cashmere label Pellat-Finet.
Thierry Gillier will remain as artistic director of Zadig & Voltaire. The fashion brand is projected to generate 450 million euros in sales in 2025. Including fragrance revenues from a licensing agreement with Shiseido, total brand sales are expected to approach 700 million euros.
“The fragrance is really performing,” said Gillier, noting that the brand has evolved into a broader lifestyle label and plans to continue expansion into new product categories.
While Zadig & Voltaire once aimed to grow its store network in China to 60 by 2025, it has since closed all locations in that market. After buying out its former partner in China in 2020, the company is now in the process of identifying a new partner and expects a deal by the end of 2025.
Growth in South America has been more positive, according to Gillier. He described recent quarters as “a great success.” Currently, Zadig & Voltaire operates approximately 400 stores worldwide.
Outside of the fashion and jewelry sectors, the Gilliers also run the boutique hotel Château Voltaire in Paris through a separate hospitality venture.
