French billionaire Bernard Arnault moved to consolidate control over Christian Dior for about 12.1 billion euros (S$18.1 billion), folding much of the fashion house’s operations into the LVMH luxury empire in one of his biggest transactions.
The deal, which will unite ownership of one of the most iconic fashion brands under one roof for the first time in decades, values Paris-based Christian Dior SE at 260 euros a share, according to a statement Tuesday. That’s 15 per cent above the Monday closing price.
Under a series of planned transactions, LVMH will get Christian Dior Couture, which makes the Lady Dior handbag, made-to-measure gowns and men’s and women’s ready-to-wear fashions. Arnault’s family holds a 47 per cent stake in publicly traded LVMH, which already owns Dior perfumes and beauty thanks to a 1960s-era deal to raise capital for the then-troubled fashion brand.
The deals “illustrate the commitment of my family group and emphasize its confidence in the long-term perspectives of LVMH and its brands,” Arnault said in the statement.
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