In a move that rocked the fashion world, news has just broken that Christian Dior has been purchased by French luxury group LVMH Moët Hennessy Louis Vuitton SE, better known as LVMH, for a whopping $13 billion dollars!
A public statement released on Tuesday announced LVMH had purchased the entire Christian Dior brand, a sale that came about through a simplified public offer by the Arnault Family Group.
Led by LVMH CEO and Chairman, Bernard Arnault, all Dior operations will now be folded into the LVMH empire, which already includes global luxury brands such as Moët & Chandon, Givenchy, Kenzo, Marc Jacobs, Emilio Pucci, Bulgari, Veuve Clicquot, TAG Heur, Celine, Fendi, Guerlain, Louis Vuitton, and (surprisingly!) Benefit Cosmetics. The successful businessman will now serve as chairman and majority shareholder of Dior.
Since 1960, LVMH has owned Parfumes Dior, with their most recent sale offering them total control over the label. Their first step? Giving the Dior brand an entirely new look.
Arnault announced in his public statement that, '...this transaction is an important milestone for the group and illustrates the commitment of my family to the brands.'
According to Business of Fashion, revenue for Dior has more than doubled in the past five years, along with an increase in profit of 24% a year, making it a great investment for the LVMH group.
Founded by Christian Dior, the luxury fashion house has boasted a series of talented creative directors including the likes of Christian Dior himself, Yves Saint Laurent, John Galliano, Raf Simons and is currently under the watchful eye of notable fashion designer, Maria Grazia Chiuri.
With LVMH's credible history with other super luxe labels, we have no doubt Dior is in good hands!
Photo credit: ShawMut