French billionaire Bernard Arnault has announced that LVMH have initiated a deal to buy Christian Dior.
They will be adding the French house into their already extensive roster of brands, including: Céline, Fendi, Givenchy, Loewe, Marc Jacobs and of course Louis Vuitton. The deal set is at a reported $13 billion will be one of the biggest the company has ever seen.
LVMH already owns Parfums Christian Dior, but this new deal would mean ownership of Christian Dior and its haute couture line, leather, men's and women's ready-to-wear and also their shoe business.
Revenue for Christian Dior has doubled over the past five years, thanks in no small part to Raf Simmons' and more recently Maria Grazia Chiuri's vision, with its profitability also increasing over this period - making this an exciting deal between the two huge companies.