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LVMH Buys Additional 40.1 Pct in Société Samaritaine

French luxury group gears up for La Samaritaine transformation.

PARIS – LVMH Moët Hennessy Louis Vuitton said on Thursday it has bought an additional 40.1 percent stake in Société Samaritaine from the Fondation Cognacq-Jay, giving it almost full ownership of the company, which owns the La Samaritaine complex.

Financial details of the transaction were not disclosed. LVMH now owns almost 100 percent of Société Samaritaine, though a spokeswoman declined to disclose its exact stake.

The French luxury group earlier this week said chief financial officer Jean-Jacques Guiony would take over as president of La Samaritaine as the landmark Paris department store gears up for its transformation into a complex combining stores, offices, housing and a hotel. The project is slated to be completed in 2013.

The Fondation Cognacq-Jaÿ was created in 1916 by Ernest Cognacq and Louise Jaÿ, the original founders of La Samaritaine, and focuses on social projects.