Loro Piana is an Italian company specialising in clothing and textile products, claiming to be the world's largest cashmere manufacturer.[1] It was founded in 1924 by Pietro Loro Piana. Since 2013, the company has been majority-owned by LVMH, a French multinational conglomerate and holding company.
 | |
| Company type | Subsidiary (S.p.A.) |
|---|---|
| Industry | Textiles |
| Founded | 1924 (in Quarona, Italy) |
| Founder | Pietro Loro Piana |
| Headquarters | , Italy |
Area served | Worldwide |
Key people | Damien Bertrand (CEO) |
| Parent | LVMH |
| Website | LoroPiana.com |
The company has three divisions – the textile division produces textiles from cashmere, vicuña wool, linen and merino wool; the fashion luxury goods division produces menswear, womenswear, shoes and accessories; and the interior division produces interior products.
History
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Originally from Trivero, the Loro Piana family started as merchants of wool at the beginning of the 19th century. In the second half of that century, the family moved its activity to Valsesia and founded the wool spinning mill Fratelli Lora e Compagnia, followed by the wool spinning mill Zignone & C. in Quarona at the beginning of the 20th century.
In 1924, the engineer Pietro Loro Piana founded the company Loro Piana & C. in Quarona. After taking the lead of the company in the 1960s, Franco Loro Piana, grandson of Pietro, started to export high-quality fabrics to Europe, America and Japan.[2]
During the 1970s, the company was directed by Franco's sons, Sergio and Pier Luigi. Their focus was on top-quality fabric development, including cashmere and extra-fine wools. Sergio and Pier Luigi's research gave birth to the Tasmanian fabric.
In the 1980s, Sergio and Pier Luigi started to diversify the business, launching their first ready-to-wear collection and creating the luxury goods division. The interior division was launched in 2006.[3]
In 2013, LVMH Group acquired an 80% stake in Loro Piana, becoming the major shareholder.[4] Sergio Loro Piana died the same year.[5] In 2017, LVMH acquired another 5% stake in the company.[6][7]
In November 2021, Damien Bertrand was appointed as CEO of the brand. Since 2022, Loro Piana has established its headquarters at Cortile della Seta in Milan's Brera district.[2]
Stores
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As of July 2022, Loro Piana distributes its products in Europe, North America, the Middle East, China, South Korea, Indonesia, and Japan. It has a total of 136 stores that are directly operated.[1][8]
Operations
editLoro Piana is vertically integrated, and it handles all stages of production, from the harvesting of natural fibres to the delivery of the finished product to stores.[1]
In 2012, turnover reached €700 million and net income represented 20% of sales.[4] In December 2013, LVMH announced that Antoine Arnault would become chairman of Loro Piana.[9] The company achieved 1 billion euro of sales in 2019.[1]
Criticism
editIn March 2024, a bloomberg news documentary short on youtube sharply criticised Loro Piana’s company practices in terms of the money paid to the communities that gather vicuña wool.[10] As the top global buyer of vicuna fibre, Loro Piana's secretive supply chain highlights the use of cheap labour among Peru's least fortunate to make some of the most expensive clothing in the world.
See also
editReferences
edit- ^ a b c d Miles Socha and Luisa Zargani (28 October 2021), Loro Piana Enters New Era With New CEO Women's Wear Daily.
- ^ a b Laura May Todd (14 April 2022), Loro Piana Gets a New Headquarters and Store T.
- ^ Sanderson, Rachel (2020-01-16). "How Loro Piana serves 'nomadic elite' with €7,000 cashmere coats". www.ft.com. Archived from the original on 2022-12-11. Retrieved 9 September 2020.
- ^ a b "Prêt à porter: LVMH s'offre 80% du groupe Loro Piana – L'Express avec L'Expansion". lexpansion.lexpress.fr. Archived from the original on 14 July 2013. Retrieved 9 June 2014.
- ^ Zargani, Luisa (20 December 2013). "Sergio Loro Piana Dead at 65". WWD. Retrieved 20 December 2013.
- ^ "Loro Piana, la famiglia cede un altro 5% di quote". La Stampa. 21 March 2017. Retrieved 24 August 2018.
- ^ "Loro Piana, un altro 5% ai francesi – Diario di Biella". biella.diariodelweb.it. 24 March 2017. Retrieved 24 August 2018.
- ^ "Loro Piana opens second New York store". Retrieved 16 February 2021.
- ^ Miles Socha (5 December 2013). "Younger Arnaults Gaining Greater Power at LVMH". WWD. Retrieved 8 December 2013.
- ^ Bloomberg Original (14 March 2024), The Brutal Cost of Quiet Luxury. Retrieved 6 April 2024.
External links
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