
Mr Pinault, 46, is CEO of the luxury giant PPR (makers of prestigious luxury brands Gucci and Yves Saint Laurent), and is the son of one of France's richest men, Francois Pinault, whose fortune last year was estimated to be $16.9 billion by Forbes magazine.
Salma Hayek>, 42, became famous after starring in a telenovela in her native Mexico when she was 22 years old, before moving to Hollywood.
The couple had met in Italy in 2006 and their daughter, Valentina Paloma Pinault, was born in Los Angeles in September 2007.
The two had originally announced their engagement in March 2007.