LVMH has bought a majority stake in Italian luxury cashmere and wool label Loro Piana. The French conglomerate – that also owns Dior, Louis Vuitton and Celine – acquired an 80 per cent holding in the brand for €2.7 billion (£2.3 billion). The Loro Piana brothers, Sergio and Pier Luigi, retain a 20 per cent stake and the leadership of the company.
"The Loro Piana family is proud that our name is now associated with the LVMH Group," said Sergio and Pier Luigi. "Under Bernard Arnault’s leadership, LVMH has proved that it respects and nurtures family businesses and is most likely to respect the values and traditions of our maison, as well as our desire to provide our clientele with unparalleled quality.
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." The Loro Piana family first established the company in the early nineteenth century and has since become renowned for its fine cashmere and rare wools. The firm sells to brands such as Brioni, J Crew and Bloomingdale’s.
"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," said LVMH chairman Bernard Arnault.
"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. Indeed we share the same values: family and craftsmanship allied to the tireless pursuit of quality, and I am convinced that our group will prove a good home in realising the significant future potential of Loro Piana."
source: vogue