?????Xinhuanet Paris, July 8 (Reporter Li Ming) French luxury goods maker Louis Vuitton (LVMH) Group issued a press statement on the 8th, said the group spent 2 billion euros (about 2.57 billion US dollars ) Acquired an 80% stake in Loro Piana, an Italian manufacturer of high-end products for cashmere and wool.
According to the communique, after a month of negotiations, the Loro Piana family decided to sell 80% of the shares and retain another 20%. The two brothers of the Piana family will remain as senior management and continue to be responsible for the operation of the family business. The agreement between the parties has yet to be approved by the relevant agencies.
Lolo Piana has a complete industrial chain of cashmere and wool products and has been the acquisition target of the luxury goods management group for many years. However, Loro Piana has always insisted on the mode of full family operation and refused to buy from the outside world. . In recent years, the Louis Vuitton Group has successfully acquired a number of Italian brands. The major investment initiatives after the merger attracted the attention of the top management of Loro Piana. A month ago, the Loro Piana family took the initiative to contact the Louis Vuitton Group to negotiate mergers and acquisitions.
?? Lolo Piana sales in 2013 is expected to reach 700 million euros (900 million US dollars), net profit of about 150 million euros (190 million US dollars). The company currently has more than 130 specialty stores in the world and stores in eight cities in mainland China.
Analysts believe that the completion of this M&A transaction in the first year will have a positive impact on the operating results of the Louis Vuitton Group.
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