By and  on July 8, 2013

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.

This story first appeared in the July 9, 2013 issue of WWD. Subscribe Today.

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