LVMH’S LATTE: LVMH Moët Hennessy Louis Vuitton has taken a majority stake in storied Pasticceria Confetteria Cova Srl, owner of the Cova brand and of the Cova Montenapoleone Srl firm that manages Milan’s arguably most fashionable and iconic coffee house, located on Via Montenapoleone. Financial details of the deal were not disclosed. The previous owner, the Faccioli family, will continue to be a shareholder and to manage Cova to “guarantee the continuity and success that Cova has built over almost 200 years,” said LVMH.
The French luxury group said it plans to maintain the current location, and “to strongly support its development at an international level thanks to the synergies available” at group level.
This story first appeared in the June 28, 2013 issue of WWD. Subscribe Today.
LVMH’s acquisition came as a surprise on Thursday, as speculation had been circulating for months that Prada Group was keen to buy Cova.