PARIS — LVMH Moët Hennessy Louis Vuitton just got a little closer to Monaco’s ruling family.
The French luxury goods group announced on Friday it has concluded an agreement to acquire 5 percent of the capital of Société des Bains de Mer, which manages and owns the Monte Carlo Casino, the Opéra de Monte-Carlo and the Hôtel de Paris in Monte Carlo.
As of March 24, the state held 69.47 percent of SBM’s share capital, according to its Web site.
LVMH has enjoyed an increasingly close rapport with Prince Albert and Princess Charlene of Monaco in recent years. The couple were guests of honor at the Dior resort show held there in 2013 and the Louis Vuitton resort show which took place in front of the royal palace the following year.
Dior’s links to Monaco date back to 1956, when actress Grace Kelly wore a white satin Dior gown at a ball celebrating her engagement to Prince Rainier III of Monaco.
The French luxury firm last year inked a three-year partnership with the Princess Grace Foundation-USA, under which it became the sole presenting sponsor for the foundation’s award galas in Los Angeles, Monaco and New York.
LVMH already has a foothold in the hotel business through its Cheval Blanc division, with properties in Courchevel, the Maldives and Saint Barthélemy. It plans to open a Cheval Blanc hotel in Paris as part of the long-delayed redevelopment of shuttered department store La Samaritaine.