French luxury goods group LVMH Moet Hennessy Louis Vuitton has announced it will purchase US fashion designer group Donna Karan International (DKI) for around £243 million.
Ms Donna Karan will continue to act as chief designer and retain her creative leadership in the combined entity, DKI said. She and her husband Mr Stephan Weiss intend to purchase additional shares in the combined entity, which will represent up to 14.3 pct of outstanding common stock, a company staement said today.
LVMH intends to continue to operate DKI as an autonomous lifestyle company in the LVMH Fashion Group.
Completion of the deal is subject to the approval of DKI shareholders, receipt of all necessary government approvals, and other customary conditions, DKI said.
AFP