The Loro Piana family has decided to sell the majority stake in the family business to Lvmh for about two billion euros. The operation - which will have to be approved by the antitrust authorities - concerns 80% of the share capital of the Italian luxury company, which this year should achieve sales of 700 million euros and profits before taxes, interest and depreciation equal to over 20% of sales.
“Our family is proud to associate our name with the Lvmh group today – said Sergio and Pier Luigi Loro Piana -. The group directed by Bernard Arnault is, in fact, the one most capable of respecting the values of our company, its tradition and the desire to offer its customers products of impeccable quality. By associating ourselves with the Lvmh group, built around a set of historic brands, Loro Piana will benefit from exceptional synergies, while always preserving their traditions".
The French giant, which already controls Bulgari and Fendi, in recent days had also taken over the historic Cova pastry shop in Milan, beating the competition from Prada.
“Loro Piana is a rare company for the unique quality of its products – commented Arnault -, in particular its cashmere textile products, and rare for its family roots that go back six generations. I am very happy that Sergio and Pier Luigi Loro Piana believe that our group is the best to ensure the future of Loro Piana. In fact, we share the same values, both family and business, the permanent search for quality and I am convinced that our group can make a strong contribution to the future of their plain which has great potential".
