Arnault Is Shopping For Perfume, Luggage...

In his office above Christian Dior's elegant Paris store, Bernard Arnault, France's "king of luxury," fairly gloats at the prospect of spending the $1.9 billion that will soon fall into his lap. "We're going to buy more luxury companies," he promises, especially in cosmetics, perfume, and luggage. He's eager to add such products to the power brands of Givenchy, Mo t & Chandon, and Vuitton--all already owned by LVMH Mo t Hennessy Louis Vuitton, the company that Arnault runs as chairman and controlling stockholder. A choice target he's considering, some well-placed sources tell BUSINESS WEEK: French cosmetics giant L'Oreal.

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