The article (google translated),
Loro Piana joined the LVMH group: after Cova, another premium brand made in Italy goes abroad
July 8, 2013
The Loro Piana family has decided to sell the majority stake of the family to the French luxury group LVMH. News that surprising, because the family had repeatedly stressed to keep their independence. Announcing the acquisition, Sergio and Pier Luigi Loro Piana have stated, "Our family is proud to associate our name today to the group LVMH .
The group headed by Bernard Arnault is, in fact, the one better able to respect the values ​​of our company, its tradition and the desire to offer its customers products of impeccable quality. Having joined the LVMH group, built around a set of historical brands, Loro Piana will benefit from synergies exceptional, always preserving their traditions. " Bernard Arnault said: "Loro Piana is a rare, rare for the unique quality of its products, in particular its textiles in cashmere, and rare for its family roots that go back six generations.
I am very pleased that Sergio and Pier Luigi Loro Piana consider that our group is the best way to ensure the future of the company Loro Piana. In fact we share the same values, either family or business, research and continuous quality are convinced that our group can make a strong contribution to the future of Loro Piana which has great potential. "
Sergio and Pier Luigi Loro Piana will retain a stake of 20% in the company and will retain their functions at the helm. Transaction, subjected to approval by the antitrust authorities, covers 80% of the shares for a value of 2.0 billion (enterprise value to 100 % is 2.7 billion). In 2013 Loro Piana should achieve sales of 700 million Euros and profits before tax, interest and depreciation, amounting to over 20% of sales.
The Loro Piana family started the wool trade and the tissue at the beginning of the 19th century, and In April 1924 Peter founded the company Loro Piana Loro Piana in Quarona Sesia in Italy. His work is now carried out by Sergio and Pier Luigi Loro Piana. Under their management, Loro Piana has become the first company in the world craftsmanship in the manufacture of cashmere wool and more rare, developing a network of over 130 exclusive stores in the world for the distribution of products under its own brand.
http://www.ilsole24ore.com/art/fina...piana-entra-gruppo-182802.shtml?uuid=AbhDESCI