Crystal manufacturer Baccarat put up for sale

On Sunday, French financial newspaper Les Echos wrote that US investment company Starwood has put up for sale the French luxury crystal manufacturer Baccarat.

"The Messier Maris merchant bank will supervise the bidding process," wrote Les Echos on its website, citing several sources which appear to confirm the information revealed by financial magazine Agefi.

A Chinese group is currently in pole position among potential buyers, added Les Echos, without stating the group's name.

Baccarat was founded in the French region of Lorraine in 1764, and is a world leader in the manufacturing of high-end crystal glass products. It specialises in tableware, lighting fixtures, decorative objects and jewellery.

Baccarat employs approximately 500 workers, and in 2016 it generated a profit of €2.2 million from a revenue of €148 million, after making a loss in 2015.

Starwood is a private equity firm specialised in real estate, and it took control of Baccarat in 2005 through its purchase of Société du Louvre from the Taittinger family. Starwood currently owns a 66.62% stake in Baccarat, and the remaining capital is in the hands of US investment fund Catterton Partners.