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Cashmere magnate Sergio Loro Piana dies at 69

Comes weeks after selling high-end brand to French investors

20 December, 14:39
Cashmere magnate Sergio Loro Piana dies at 69 (ANSA) - Biella, December 20 - Sergio Loro Piana, until recently the CEO of the world's leading high-end cashmere company that bears his family name, died Friday at 69 in Milan. Those close to the family said he had suffered from a long-running illness. His company was started in the early 19th century by a family of wool merchants, and in its present form, was founded in 1924 by Sergio Loro Piana's uncle Pietro. Earlier this month French luxury group LVMH completed its takeover of the world-renowned brand in a two-billion-euro deal that left 20% of the company in the Loro Piana family's hands.

In the deal he also relinquished his role as CEO, becoming co-vice-president along with his brother Pier Luigi. The Loro Piana family says that jobs will be protected at the Italian operation, known for tailoring some of the world's finest suits and other luxury garments.

The sale of the company was the latest in a series of beloved Italian trademarks being sold to foreign investors. (photo: Sergio, left, and Pier Luigi Loro Piana.