French jewellery maison Poiray has entered a new phase of its development. Its long-time shareholder has sold 100% of its stake to Iéna Investissements, the family holding company of the founders of French fashion brand Zadig & Voltaire.
Founded in Paris in 1975 by François Hérail and Michel Ermelin, Poiray became widely recognized for its signature watch model “Ma Première”. Since 2013, the house had been owned by AMS Industries, the investment vehicle of businessman Jean-Paul Bize. Ownership now passes to Thierry and Arnaud Gillier, respectively Founder–Artistic Director and CEO of Zadig & Voltaire, a leading French ready-to-wear brand.
A Strategic Shift for Both Parties
This change in ownership marks a structured strategic handover. The new shareholders intend to consolidate the maison’s core strengths while giving it a refreshed image to attract a younger clientele. Poiray remains one of the few independent jewellery houses in France, positioned in the fast-growing “affordable luxury” segment. With a tightly focused retail network – four standalone boutiques in Paris and points of sale in major department stores (Samaritaine, Bon Marché, Printemps) – the brand generates estimated annual revenues exceeding €20 million.
For Iéna Investissements, the transaction aligns with a broader strategy of sectoral diversification and heritage-driven growth. With Thierry and Arnaud Gillier targeting over €700 million in turnover by 2025, the acquisition of Poiray marks a new expansion into affordable luxury. The deal offers an opportunity to invest in a well-established brand with solid fundamentals and growth potential. Initial plans include renovating the flagship boutique and developing international markets over the medium term.
An Industry in Transition
This deal highlights several structural trends shaping the luxury and jewellery sector. On one hand, the growing appetite of entrepreneurial and family investors to acquire independent brands and scale them outside the traditional conglomerate model. On the other hand, the rising valuation of assets that combine creative identity, proven profitability, and international growth potential. In this context, Poiray stands out as a strategic target – firmly rooted in Parisian jewellery heritage but still under-leveraged in terms of global visibility and range extension.
The transaction also reflects a growing trend among family-run groups to act as long-term industrial acquirers, investing in SMEs and mid-sized companies as a way to support the real economy. In this case, the Gillier family adds a historic brand to its portfolio with the aim of driving its transformation through a combination of artistic direction, governance, and strategic distribution. As many heritage brands seek growth capital or a new generation of leadership, this type of acquirer offers a credible alternative to listed luxury groups or short-term-focused investment funds.
AURIS Finance at Your Side
At AURIS Finance, we advise business owners and shareholders through every stage of business transfers and strategic repositioning. The evolution of Poiray’s shareholding structure illustrates the importance of a well-structured entrepreneurial project—one capable of ensuring continuity, driving growth, and enhancing brand equity. Our sector-driven approach allows us to identify the most relevant partners and secure each phase of the transaction, from targeting to negotiation.
