Artemis, the Pinault family’s company that controls various luxury brands and the sports apparel company Kering, has completed its purchase of French cruise line Ponant.

A released statement said Ponant will now be able to further “ramp-up its international program … and enter a new phase in its development.”

Artemis takes over from previous private equity owner Bridgepoint.

“In the last three years, together we have launched and financed new ships, opened new offices in Australia and China, and acquired a leading player in the American cultural cruise market,” said  Jean-Emmanuel Sauvée, CEO of Ponant, commenting on the end of a three-year relationship with Bridgepoint.

“Today we are entering a new phase with a long-term shareholder who, like Bridgepoint, shares our vision and ambitions for Ponant as a global player in the high-end cruise market.”