LVMH to Buy Majority Stake in Rimowa

Big changes are coming for Rimowa: the storied German luggage manufacturer has been acquired by French multinational luxury goods giant LVMH. According to the terms of the deal, LVMH will purchase 80% of the company for €640 million EUR (approximately $716 million USD) while Alexandre Arnault -- the son of LVMH chairman Bernard Arnault -- will become the company's co-chief executive officer. Rimowa's current CEO, Dieter Morszeck (who also happens to be the grandson of the company's founder), w...