LVMH to gain control of Christian Dior after $13 billion Arnault deal

PARIS: French billionaire Bernard Arnault moved to consolidate control over Christian Dior for about 12.1 billion euros ($13.2 billion), folding the fashion house's operations into the LVMH luxury empire in one of his biggest transactions.

The deal, in which the Arnault family is offering to buy out minority investors in Christian Dior SE for 260 euros a share and shedding some of its holdings in rival Hermes International, unites ownership of one of the most iconic fashion brands under one roof. That's 15 per cent above the Monday closing price of Dior, which the family already controls with a 74 per cent stake.

The two-part transaction, which comes amid a China-led revival in the luxury-goods industry's fortunes, simplifies a complicated ownership structure and crowns the career of the biggest consolidator in the business.

Arnault, who has a net worth of $46.3 billion, took control of the parent companies of Dior and Louis Vuitton in the 1980s and later added brands ranging from fashion label Fendi to jeweler Bulgari and suitcase maker Rimowa.