Louis Vuitton Parent Puts Up $2.6B For Cashmere Maker

Law360, Los Angeles (July 8, 2013, 4:26 PM EDT) -- LVMH Moet Hennessy Louis Vuitton SA, the French luxury goods titan behind fashion brands Fendi and Louis Vuitton, announced Monday that it would buy an 80 percent majority stake in Italian cashmere manufacturer Loro Piana SpA in a deal valued at $2.6 billion.

Loro Piana's owners, Sergio and Pier Luigi Loro Piana, will retain a 20 percent stake in the company and their management positions, according to LVMH. The deal, which is subject to review by competition authorities, will further expand LVMH's presence in the high-end clothing market.

"[W]e share the same values...
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