LVMH Moet Hennessy Louis Vuitton SE agreed to take over suitcase maker Rimowa for 640 million euros ($716 million) and will put Alexandre Arnault in charge of the group’s first German asset, a sign that Bernard Arnault is expanding his offspring’s role in the luxury empire.
The world’s largest luxury-goods maker is buying an 80 percent stake from Dieter Morszeck, grandson of Rimowa’s founder, LVMH said Tuesday. Morszeck will run the Cologne-based business alongside 24-year-old Alexandre Arnault, who gets his first big job at his father’s group. The acquisition is LVMH’s biggest since the 2013 purchase of cashmere maker Loro Piana.
