Luxury group LVMH completes purchase of Italy’s Loro Piana
(ANSA) – Paris, December 5 – French luxury group LVMH said Thursday that it has completed its takeover of Italian high-end cashmere producer Loro Piana.
The Loro Piana family will retain a 20% share in the company and brothers Sergio and Pier Luigi Loro Piana will remain vice-presidents, the companies said.
“LVMH and its executives share our passion for excellence and quality, and our long-term vision,” the Italian managers said in a statement.
Last month, European competition authorities approved the two-billion-euro deal finalized in July. The company was started in the early 19th century by a family of wool merchants and in its present form, was founded in 1924 by Pietro Loro Piana.
The Loro Piana family has said that jobs will be protected at the Italian operation, known for tailoring some of the world’s finest suits and other fine garments.