Pursuits
VW's Owner Clan Sells Porsche Design Stake Ahead of Piech Exit
- Porsche 911 brand to acquire all shares in sunglass maker
- Former patriarch Piech retreats from VW amid diesel feud
The Porsche Design store in Manila, Philippines, on May 20, 2015.
Photographer: Sanjit Das/BloombergThis article is for subscribers only.
The billionaire clan that controls Volkswagen AG sold its shares in Porsche Design as the family’s most prominent member prepares to cut ties after a long-running spat.
Porsche AG, the Volkswagen brand that manufactures the 911 sports car, bought the family’s 35 percent stake in Porsche Design, the Stuttgart, Germany-based company said in a statement on Wednesday. The maker of upscale sunglasses, watches and other merchandise is now a wholly owned subsidiary of the Porsche car brand.