French Crystal maker sold to Chinese

French crystal maker Baccarat has been sold more than 250 years after it was founded at the behest of King Louis XV in Lorraine - but its new Chinese owners moved quickly to assure staff that no jobs would be lost in the town.

Chinese investment company Fortune Fountain Capital (FFC) is buying a controlling stake for about €164million, according to a statement.

It said the FFC has signed an "irrevocable promise to purchase" to acquire an 88.8% stake in the French crystal firm from US funds Starwood Capital Group and L Catterton.

The former had bought the brand from the Taittinger family in 2005, with Catterton taking a stake in 2012.

Baccarat is known for its expensive sets of champagne glasses and chandeliers that can cost thousands. It also sells a $5,000 glass chair. It created the crystal balustrade and chandelier at Istanbul’s Dolmabahce Palace. Some Baccarat pieces have been exhibited at the Louvre.

Baccarat said the purchase would help it accelerate expansion plans in Asia and the Middle East.