LVMH Acquires Loro Piana

LVMH Moët Hennessy Louis Vuitton SA (Paris) has agreed to acquire an 80 percent stake in Loro Piana, the Italian fashion house, for about $2.6 billion.

Under the terms of the deal, co-ceo’s Sergio and Pier Luigi Loro Piana, the great-great-grandchildren of the cloth merchant Giacomo Loro Piana, will continue to run the company. The family will retain a 20 percent stake.

The 90-year-old fabrics company that moved into fashion design after making the training jackets for the Italian equestrian team at the 1992 Olympic Games in Barcelona, has 132 stores around the world.