LVMH has acquired 80% of Italian luxury cashmere clothing brand Loro Piana for 2 billion euros, more than 3.8 times the company's expected 2013 sales of 700 million euros, with the aim to further expand the brand's worldwide footprint. Brothers Sergio and Pier Luigi will retain their management positions in the company and keep a 20% stake.
Loro Piana boasts an average annual sales growth of 17% over the past three years, with 30% of total revenue coming from Asia. Its 185 stores and shop-in-shops represent 85% of its revenue.
The fashion house launched its Interiors collection six years ago with a highly edited assortment, based on the finest quality fibers in a refined color palette. Its showroom is in New York's Decoration and Design Building, suite 820.
Loro Piana started as a wool mill in northern Italy in 1924, is now the largest Western manufacturer of cashmere and baby cashmere.
