LVMH to buy majority stake in Rimowa

LVMH will be purchasing the majority stake in German travel and carry-on luggage manufacturer, Rimowa. With this for $716 million, the group will put in charge Alexandre Arnault, son of LVMH chairman Bernard Arnault, who will become co-chief executive officer of Rimowa alongside Dieter Morszeck, who will keep his 20 percent stake in the company.

LVMH said the deal between the two companies is expected to be complete in January next year.