LVMH pays $2.58 billion for cashmere brand Loro Piana

Luxury conglomerate LVMH Moët Hennessy Louis Vuitton has paid $2.58 billion for an 80% stake in Italian cashmere brand Loro Piana. The founding family that operates the Italian brand and had resisted past pleas to take the company public will retain a 20% ownership interest.

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