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 per cent over historic levels to roughly €7.1 billion ($13.1 billion), 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.

The firm’s retreat follows a prolonged period of growth for the family, whose patriarch, Francois Pinault, 89, founded what would become Kering more than six decades ago and went on to buy auction house Christie’s In

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