Domenica, 21 Ottobre 2018
QUARONA

Loro Piana latest icon to fall into foreign hands

English
© ANSA

(By Christopher Livesay)
Quarona, July 9 - Sergio and Pier Luigi Loro Piana
say that although they have sold their cashmere brand to French
luxury dealer LVMH, its heart will remain in Italy.
"Even if the property is no longer Italian, it will remain
a company and a brand that is Italian," the brothers said in a
statement Tuesday.
LVMH, the company that was formed by the 1987 merger of
fashion house Louis Vuitton with champagne producer Moët
Hennessy, bought 80% of the cashmere clothing dynasty Loro Piana
for 2 billion euros on Monday.
According to LVMH, the world's biggest luxury conglomerate,
Loro Piana is the largest Western manufacturer of cashmere.
The brothers say that jobs will be protected at the
operation, known for tailoring some of the world's finest suits
and other fine garments.
"We would not have made a decision like this if we were not
convinced that it is the best for our people," said Sergio Loro
Piana.
"Ours was not a random choice.
"We are convinced that in this way the identity of the
brand will be protected.
"The company is Italian and will remain Italian.
"(LMVH) is the guarantee that Loro Piana is the Italian
representative for those who enjoy excellence".
The governor of the region of Piedmont, where the company
has been based since it was established in 1924 by Pietro Loro
Piana, appealed to the brothers to make sure production did not
leave Italy's northwest.
"(That) would be a huge error," said Roberto Cota on
Twitter.
"We're talking about a product of extremely high quality,
the fruit of a culture of homegrown craft that you can neither
invent nor transfer".
Italian Industry Minister Flavio Zanonato said the
acquisition was business as usual.
"We go shopping, they go shopping, we all go shopping," he
said, referring to a recent flurry of French companies buying up
Italian brands.
The brothers will hold onto 20% of the family business and
reserve their posts as directors.
LVMH has acquired several iconic Italian brands over the
years.
Last month it purchased a majority share in Milan's
historical Cova pastry-shop brand, based in the heart of
the city's well-heeled fashion district.
In 2011 it took over the luxury Italian fashion brand
Bulgari.
In the same year, fashion house Brioni went to France-based
PPR and a controlling stake of Moncler was sold to French
investment company Eurazeo.
France is not the only foreign investor in iconic Italian
fashion houses.
In 2012 the Qatar royal family bought the Valentino Fashion
Group (VFG) under its holding company Mayhoola for Investments
Spc.
Shares for LVMH rose 2.1% at the opening of the Paris stock
exchange on Tuesday.

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