LVMH Moët Hennessy Louis Vuitton purchased an 80 percent stake in Loro Piana, costing LVMH €2 billion ($2.56 billion) and valuing the company at €2.7 billion ($3.48 billion). Loro Piana, the Italian luxury clothing company best known for its luxury cashmere and wool goods where a cashmere cardigan will set one back $1,250 and cashmere lined rain coat, almost $11,000, has weathered the recession well and is expected to have sales of over €700 million this year. LVMH CFO, Jean-Jacques Guiony said during a conference call, "We have a big respect for the brand and have been looking at [Loro Piana] for many, many years."
