French luxury conglomerate LVMH has purchased a majority stake in the Italian luxury wool and cashmere company Loro Piana for €2 billion ($2.57 billion at current exchange rates). The Loro Piana brothers, Sergio and Pier Luigi, will retain the remaining 20 percent stake in the company as well as operational management.
“By joining LVMH, a group built around a unique set of other historic Maisons, Loro Piana will benefit from exceptional synergies while preserving its traditional heritage,” said Sergio and Pier Luigi Loro Piana in a statement.
“Loro Piana is an exceptionally rare maison, rare in the unique quality and craftsmanship in its products, not least in cashmere and fine textiles, but also in the unbroken heritage and careful family husbandry over six generations. I am very pleased that Sergio and Pier Luigi Loro Piana believe that our group is best able to ensure the future of the house of Loro Piana… and I am convinced that our group will prove a good home in realising the significant future potential of Loro Piana,” added LVMH chairman and chief executive Bernard Arnault in a statement.