LVMH Acquires Cashmere Clothier Loro Piana for $2.6 Billion

LVMH agreed to pay 2 billion euros for 80 percent of Italian cashmere clothier Loro Piana, adding a high-quality textile producer to its portfolio of luxury brands.

The family owners of the maker of $1,385 cashmere sweaters will retain a 20 percent stake in the business, Paris-based LVMH said.

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