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LVMH Moët Hennessey Louis Vuitton SE, better known as LVMH announced on Tuesday that it bought out minority shareholders of Christian Dior for $13.1 billion. Dior is a 70-year old French fashion brand which is famous for bags, perfume, clothes, and accessories.

Dior is the latest fashion house acquired by the world’s largest luxury conglomerate, which also owns Céline, Givenchy, and Louis Vuitton.

Arnault Family Group which owns the majority shares of LVMH officially filed its offer to acquire Christian Dior. The agreement will unite ownership of one of the most iconic fashion brands under one roof.

Now, LVMH takes full control of Dior as it’s already owned by the world’s largest fashion company. Christian Dior Couture’s works council which is the Comité d’entreprise also released a favorable opinion on the proposed disposal of Christian Dior Couture to LVMH.

The Board of Directors of LVMH and Christian Dior have unanimously approved the execution of the agreement through which Christian Dior Couture will be acquired by LVMH.

The move will fully make Christian Dior functional under the umbrella of LVMH brands, together with Louis Vuitton, Givenchy, Celine, Loewe, Marc Jacobs, Pucci, and others.

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