Billionaire Pinault’s Family Office to Cut Debt as Fortune Wanes

France’s billionaire Pinault clan is planning to pare debt and shun large deals after a surge in borrowing and decline in payouts from companies it owns.

The luxury-good family’s investment firm, Artemis, has seen debt soar about 40% over historic levels to roughly €7.1 billion ($8.3 million), according to a person familiar with its operations, who said its financing costs can still be comfortably met with dividends from investments. The person, who asked not to be identified due to the sensitivity of the matter, didn’t give more details on how it plans to cut debt.