Loro Piana founding family stands by sale to LVMH on ambition to expand
Pier Luigi Loro Piana, Chairman and CEO of Loro Piana defends decision to sell his company to French giant LVMH motivating ambition to expand further. In an interview to AFP, Pier Luigi Loro Piana said the takeover was no act of betrayal and would help retain jobs as well as develop the company. ‘We are trying to do our best for our company and for Italy’ he added.
The business goes back six generations and embodies classical Italian luxury, with its roots in tradition and the community where it started out in the Piedmont region of Northern Italy. The company which was founded in 1924 is also a major textile producer.
French luxury giant LVMH said in July it had acquired 80 percent of Loro Piana, adding to its Italian portfolio of brands: Fendi, Bulgari, Fendi, Emilio Pucci, Acqua di Parma. Italian media has portrayed the takeover as a symptom of economic decline. But the 62-year-old Loro Piana, said that the jingoism makes no sense.
Being owned by LVMH will lead to “a more rapid and also maybe more solid development that would not have been possible for a company like Loro Piana on its own,” Pier Luigi Loro Piana told AFP.