Le Fooding now a 100% Michelin-owned company
Michelin has added to its portfolio of non-tyre business assets with the acquisition of all outstanding shares in Le Fooding three years after the two companies first began collaborating. The deal is the culmination of an agreement signed with the co-founders of Le Fooding in 2017 – after Michelin acquired a 40 per cent stake in its share capital – that provided for Michelin’s future acquisition of the remaining interest.
With this transaction, Michelin says it is “pursuing its growth strategy in the lifestyle segment,” a course of action that includes its 2018 acquisition of Tablet, a boutique and luxury hotel selection specialist, and the 2019 acquisition of Robert Parker Wine Advocate (RPWA), a leading international guide to fine wine.
“Le Fooding will be celebrating its 20th anniversary in just a few days,” comments Manuel Fafian, who is director of Business Experiences at Michelin. “It’s a brand brimming with inspiration and innovative spirit and is now well-anchored in the French media landscape. Its co-founders Alexandre Cammas and Marine Bidaud, whose initiative, energy and talent I admire, have turned it into a key player in France’s restaurant, accommodation and bar guide segment, where we are determined to continue investing and developing. With Le Fooding, we are rounding out our portfolio of dining and hotel recommendations for travellers and food lovers across the country.”
Michelin intends to continue developing Le Fooding in line with its founding ethos, with a focus on advancing the digital transformation and strengthening the magazine side of the business. The entity will keep its name, its editorial independence and its own set of venue selections. Alexandre Cammas will step down as chairman to become editorial director of Le Fooding. A new governance system will be announced in the coming weeks.
Le Fooding currently brings together a community of more than six million readers and some 400,000 online followers, with a curated selection of over a thousand restaurants and hotels.