It takes bravery to move away from doing what you are good at. Really good at. Francois Pinault, a resilient entrepreneur who never shied away from taking risks, was one of those.
In a span of 60 years, Mr. Pinault started a timber trading business, expanded it by going head-on against industry giants, acquired smaller players, diversified into other industries through more acquisition, divested much, wiggled into retail, finally to wrap it all up to enter the glittering world of luxury and create a conglomerate worth envy. All in 60 years.
This is the story of Francoise Pinault, his ambitions, and his eagle-eyed vision. He could see ahead to how the world around him was brewing. He could smell opportunity where there was one. He had the courage to battle against behemoths. He had the ethics to lead him sound. And he had the charm to make people melt when he wanted them to. This is the wild, cowboy style story of Kering – one of the biggest luxury companies in the world with a market capitalization of $55.9 billion.
And all of this is narrated – quite factually – in Kering: Of Granite & Dreams – a coffee table publication by Flammarion. It’s one of those unputdownable novels where the protagonist defies all odds to reach the top. Except, this is not the top for Kering just yet. In fact, if you are to believe the book, it has just started. After all, it’s been just 20 odd years since they acquired Gucci in 2001 – an acquisition that went down in history as one of the most nail-biting sagas in the world of luxury.
It began with the most unlikely element – timber. A mass commodity that was much in demand – and in Mr. Pinault’s DNA. Called Etablissements Francois Pinault, the young entrepreneur took advantage of his experience and market forces to start a timber trading company in an already overcrowded industry. Since I don’t want to give any spoilers, let’s just say that Mr. Pinault steered the company through multiple identities, soon becoming Pinault France to Pinault SA to Pinault-Printemps to Pinault-Printemps-Redoute to PPR to finally, now, Kering. It was an exhausting, exciting life for Mr. Pinault. The company is now headed by his son Francois-Henri Pinault.
The book Kering: Of Granite & Dreams, published to celebrate 60 years of this company, is not like a typical coffee table book. It has a lot of text that is not punctuated by full page images. But yes, the story is gripping, with enough historical images to take you back to the scene. The end of the book is glossy with images from the houses the company owns now – from the flagship Gucci to Balenciaga to Boucheron.
A very interesting part of the tome is where Kering publishes letters from its “friends”. From Anna Wintour to Jean-Michel Darrois (a lawyer who was engaged in the acquisition of Gucci) to Jane Fonda to Chinese actress Hung Huang.
Intriguingly, most of these letters don’t gloat about the history or the grit of Francois Pinault. They mostly focus on the cultural direction of Kering, its commitment towards women through the Women in Motion program, its push towards diversification, and its sensitivity towards nature through The Fashion Pact program.
As much as this book might sound like a publicity stunt, it’s definitely worth an interesting read – a close look into what went behind Mr. Pinault’s mind when he was calculating his moves. Such an elaborate, in-depth text on the origins of the company does not exist anywhere else. This hardcover is certainly worthy of being picked up, read to be inspired by, and displayed.
