LVMH ACQUIRES STAKE IN LUGGAGE SPECIALIST RIMOWA

LVMH Group has acquired a majority stake in Rimowa, the German producer of premium and high-tech leather goods and luggage. According to a story in WWD, Dieter Morszeck, grandson of the founder of Rimowa, will continue to maintain his leadership functions yet once the transaction is completed, Alexandre Arnault will be appointed co-chief executive officer of Rimowa. Founded in Cologne in 1898 by Paul Morszeck, Rimowa has always blazed new trails in the art of luggage making, inspired by aircraft constructions and by high-tech materials such as aluminum, first employed in 1937, and polycarbonate introduced in 2000. Striving to strike a balance between tradition and innovation, by joining forces with LVMH, Rimowa looks ahead with upbeat energy to accelerate growth and development. Rimowa, whose 2016 revenues are expected to reach 400 million euros, is the first German house to join the LVMH Group.