The leader in luxury goods continues to accessorize.
Industry leader LVMH Moët Hennessy Louis Vuitton Monday spent €2 billion ($2.56 billion) for a majority stake in Italian cashmere brand Loro Piana, snapping up one of the last remaining family dynasties to extend its dominance of the sector.
“We have a big respect for the brand and have been looking at [Loro Piana] for many, many years,” LVMH finance chief Jean-Jacques Guiony said during a conference call.
The acquisition shows how LVMH’s strategy of nurturing relationships with the top targets for years is paying off—and that the luxury giant is able.
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Date: July 8, 2013