Baccarat To Proceed With Expansion Plans

French crystal maker Baccarat have announced it is now in a position to go ahead with the two major expansion projects proposed by US investment fund Starwood, which owns over 85% of shares in the company. Businessman Georges Renand, previously a member of the board of directors of the group with a blocking minority in Baccarat, had strongly opposed the plans, which he believed would take the brand down market. Starwood had proposed a five-year strategic plan to double Baccarat's turnover and a licensing contract to develop luxury bars and hotels under the Baccarat brand.