2013 July 9
LVMH Bets Big On Cashmere With Majority Stake In Loro Piana
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(NEW YORK) LVMH bought quite a lot of luxurious cashmere this week: the luxe empire shelled out $2.56 billion for an 80 percent stake in Italian cashmere brand Loro Piana. The brand's duo of CEOs, Sergio and Pier Luigi Loro Piana, seem to have plenty of faith in LVMH, trusting they'll get to maintain their brand DNA and personal values. (Unlike, say, Hermes' feelings about being scooped up by the conglomerate.) This brand will get along just fine with the others in LVMH's portfolio due to their focus on craftsmanship and the current global market for their plush knits.
Need a recap on the lavishness of Loro Piana's wares? Capes lined with mink fur go for $9,750, a knit cardigan runs for $2,995, and basic scarves retail for $425. The lifestyle brand is currently carried in 130 stores worldwide, but with this new acquisition, expect to lust after these super soft knits on a more frequent basis.
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