London

LVMH Moet Hennessy Louis Vuitton, the largest luxury conglomerate in the world, said on Tuesday that it had agreed to buy a controlling stake in the German luggage brand Rimowa for 640 million euros (S$984 million).

The French company, whose brands include Christian Dior, Donna Karan, Louis Vuitton and TAG Heuer, said that it would buy an 80 per cent stake from Dieter Morszeck, the chief executive of Rimowa and the grandson of the founder.