EU competition watchdog approves takeover of Loro Piana
(ANSA) – Brussels, November 18 – European competition authorities on Monday approved the takeover of Italian high-end cashmere producer Loro Piana by the French luxury group LVMH.
Regulatory authorities said they saw no issues concerning competition raised by the two-billion-euro deal. The company was started in the early 19th century by a family of wool merchants and in its present form, was founded in 1924 by Pietro Loro Piana.
In July 2013, LVMH purchased 80% of Loro Piana for two billion euros. According to LVMH, the company that was formed by the 1987 merger of fashion house Louis Vuitton with champagne producer Moet Hennessy, Loro Piana is the largest Western manufacturer of cashmere.
At the time of the purchase, the Loro Piana family said that jobs will be protected at the Italian operation, known for tailoring some of the world’s finest suits and other fine garments.