LVMH bags German luggage firm Rimowa
Luxury brand group LVMH has bought a majority stake in upmarket German luggage maker Rimowa for €640m (£560m).
Founded more than a century ago, Rimowa is best known for the 1937 launch of an aluminium suitcase, recognisable by the parallel grooves on the outside.
Dieter Morszeck, the grandson of Rimowa's founder, said the sale to LVMH guaranteed "a promising future to all Rimowa employees".
This is the first acquisition LVMH has made in Germany.
LVMH will acquire 80% of the shares when the transaction is completed at the beginning of next year.
Mr Morszeck plans to donate a... read more
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