According to the terms of the agreement, Pianaâ€™s co-CEO Sergio and Pier Luigi Loro Piana will continue to control the company, and the Piana family will still hold 20% of the companyâ€™s shares.
The transaction shows that luxury brands are still attractive in the economic slowdown. Since the economic downturn, the mass market has suffered huge losses, and the high-end market has rebounded. Regal customers are more willing to pay big prices for luxury products.
Loro Piana is not an ordinary luxury brand for clusters. The company was formally established in 1924, but its history can be traced back to 1812.
The success of the acquisition depends on whether the top luxury brands can maintain their attractiveness. The Louis Vuitton Group stated that Loro Piana expects sales of 700 million euros this year and it has 130 stores worldwide.
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