LVMH buys 80% of German luggage group Rimowa

[PARIS] French luxury group LVMH said on Tuesday it had reached a deal to buy 80 per cent of German high-tech luggage maker Rimowa for 640 million euros (S$976.8 million).

The transaction, LVMH's first acquisition in Germany, must be approved by competition authorities.

It is due to be completed in Jan 2017, the statement said.

Founded in Cologne in 1898, luggage and leather goods maker Rimowa eyes a 2016 revenue of over 400 million euros.

REUTERS