The Ernesto
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LVMH Moët Hennessy Louis Vuitton, the French luxury goods giant, agreed on Monday to pay 2 billion euros, or about $2.6 billion, for an 80 percent stake in Loro Piana, adding a famous name to its portfolio of brands. The deal values the company, which is based in Quarona, Italy, at 2.7 billion euros.
Under the terms of the deal, Sergio and Pier Luigi Loro Piana, the co-chief executives who are great-great-grandchildren of the cloth merchant Giacomo Loro Piana, will continue to run the company. The family will retain a 20 percent stake.
Under the terms of the deal, Sergio and Pier Luigi Loro Piana, the co-chief executives who are great-great-grandchildren of the cloth merchant Giacomo Loro Piana, will continue to run the company. The family will retain a 20 percent stake.