Milan

French LVMH acquires majority share of Cova pastry brand

Historic Milan confectioners continue to be managed by family

French LVMH acquires majority share of Cova pastry brand

Milan, June 27 - French holding LVMH, the world's largest luxury group, acquired a majority shareholding in Milan's historical Cova pastry-shop brand, based in the heart of the city's well-heeled fashion district, the company said on Thursday. Family-owned Cova shop, founded in 1817 on the spot where the La Scala theater is today, has been located on the stylish via Monte Napoleone since 1950. Owners Mario Faccioli and daughters, Paola and Daniela, will stay on as members of the management team "to ensure the continuity and success" of the brand, the LVMH said. The French group said that the acquisition was made to "vigorously support the development (of Cova) at the international level". Cova open shops abroad starting in 1994 with its pioneer oversees pastry shop in Hong Kong and franchises its products in Tokyo and Shanghai and in parts of Italy.

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