MILAN — Loro Piana, a prized Italian firm that combines exclusive craftsmanship and technology, is entering the LVMH Moët Hennessy Louis Vuitton luxury sphere. The French giant is buying an 80 percent stake in Loro Piana for 2 billion euros, or $2.56 billion at current exchange. The enterprise value totals 2.7 billion euros, or $3.4 billion. Brothers Sergio and Pier Luigi Loro Piana will continue to helm the firm and maintain a 20 percent stake. Antitrust clearance is expected in the fourth quarter, followed by the official closing.
Chairman Pier Luigi Loro Piana said, “The Loro Piana family is proud that our name is now associated with the LVMH group. Under Bernard Arnault’s leadership, LVMH has proved that it respects and nurtures family businesses and is most likely to respect the values and traditions of our maison, as well as our desire to provide our clientele with unparalleled quality.”
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"