Quarona

France's LVMH buys Italy's luxury cashmere producer

Loro Piana brothers say jobs protected despite company sale

France's LVMH buys Italy's luxury cashmere producer

Quarona, July 9 - Sergio and Pier Luigi Loro Piana say that although they have sold their cashmere brand to French luxury dealer LVMH, its heart will remain in Italy. "Even if the property is no longer Italian, it will remain a company and a brand that is Italian," the brothers said in a statement Tuesday. LVMH (Louis Vuitton) bought 80% of the family-owned cashmere clothing brand Loro Piana for 2 billion euros and says that Loro Piana is the largest Western manufacturer of cashmere. The brothers say that jobs will be protected at the operation. "We would not have made a decision like this if we were not convinced that it is the best for our people," said Sergio Loro Piana. "Ours was not a random choice, we are convinced that in this way, will be protected the identity of the brand. "The company is Italian and will remain Italian...(LMVH)is the guarantee that Loro Piana is the Italian representative for those who like to excellence". 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. (photo: Sergio and Pier Luigi Loro Piana)

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