France’s wealthiest man buys Christian Dior in £10bn deal
France’s richest man Bernard Arnault bought haute couture fashion house Christian Dior in £10.3 billion takeover deal, reports Evening Standard.
The transaction will give the billionaire 100% control of the designer brand. The LVMH luxury goods house will unite ownership of Dior after the years of separation between fashion and perfume brands which started in the sixties.
Bernard Arnault explained “This project represents an important milestone for the group.
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“The corresponding transactions will allow the simplification of the structures, long requested by the market, and the strengthening of LVMH’s fashion and leather goods division thanks to the acquisition of Christian Dior Couture, one of the most iconic brands worldwide.”
The Arnault family will offer a mix of cash and shares it holds in scarf-maker Hermès in a transaction that values Dior at €260 per share.
A few weeks ago, Arnault revealed he will open a new arts museum close to his Foundation Louis Vuitton in Paris in a building designed by architect Frank Gehry.
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