- Vivian Hendriksz |
LVMH is one step closer to owning all of luxury fashion house Christian Dior. Semyrhamis, the holding company from the Arnault family group, officially filed its simplified mixed offer for the outstanding shares it does not already own in Christian Dior with the French financial market authority.
The move is in line with the plan announced by the group late last month. "Based on the independent expert’s conclusions which confirm that the offer is fair and further to the release of the favorable opinion of the ad hoc committee composed of independent directors, the Board of directors of Christian Dior, held on May 22nd, 2017, has unanimously recommended that Christian Dior shareholders tender their shares to the offer," wrote LVMH in a statement on Tuesday morning.
"In addition, Christian Dior Couture’s works council has released a favorable opinion on the proposed disposal of Christian Dior Couture to LVMH,” it continued, adding that the LVMH and Christian Dior boards of directors have also unanimously approved the agreement through which Christian Dior Couture will be acquired by LVMH for 6.5 billion euros, (7.31 billion USD)," added the statement.
The step, once completed, will see Dior become the second biggest brand under LVMH's fashion division, after Louis Vuitton.