Milan

LVMH rises on Paris exchange after acquisition of Loro Piana

French holding purchases 80% of Italian luxury brand

LVMH rises on Paris exchange after acquisition of Loro Piana

Milan, July 9 - Shares for French holding LVMH rose 2.1% at the opening of the Paris stock exchange on Tuesday, reacting positively to Monday's majority acquisition by the French luxury group of Italian clothing brand Loro Piana. Italian cashmere and fine wool dynasty Loro Piana sold 80% of the brand to French holding LVMH for two billion euros. Sergio and Pier Luigi Loro Piana will hold onto 20% of the family business and reserve their posts as directors. LVMH is the world's largest luxury group.

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