French luxury goods giant LVMH has added Italian cashmere group Loro Piana (LP) to its large portfolio of brands, spending €2bn on an 80% stake. Described as "one of the most elitist brands in the world" by LVMH's communications director Christopher Hollis, LP is renowned for clothes made from vicua, rare wool harvested from a relative of a llama. Vicua items sell for tens of thousands of dollars. Sales at the family run firm led by sixth-generation descendants of the founder are expected to hit €700m this year.
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