Bernard Arnault, the billionaire behind luxury fashion group LVMH (LVMH.PA), has agreed to buy a stake in the holding company of fellow French billionaire Arnaud Lagardere, according to the holding companies of the two men.
Groupe Arnault and Lagardere Capital & Management (LCM) said in a joint statement that Groupe Arnault would buy a stake equivalent to around one quarter of the share capital of LCM.
The link-up will “strengthen the corporate structure and financial capacities of LCM. The family groups led by Bernard Arnault and Arnaud Lagardere will act in concert with regard too Lagardere SCA,” the statement by the two companies said.
Lagardere has long been under fire for its sprawling business mix and for underperforming on the stock market.