Tag: Louis Vuitton
The French luxury goods maker that owns Louis Vuitton has issued a stinging rebuttal to internet rumours that the company is going to buy the Aston Martin sports car brand. A spokesperson for LVMH told Autocar that the rumour is “absolute rubbish". "There is no truth in this story whatsoever,” he went on.
LVMH had shown interest last autumn along with about 25 other companies when Ford first put Aston Martin up for sale, but didn’t follow-up with a formal bid. “We didn’t even get to first base,” says the spokesman.
According...
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Posted by
pamy 2 years 9 months ago
Aston Martin is being bought by LVMH Moet Hennessy Louis Vuitton SA, the most high-profile luxury goods consortium in the world, joining the 60-or-so other brands that already make up the group. Aston Martin will be the first luxury car brand in LVMH's portfolio and it is the first to be run by a lifestyle/luxury goods group. The sale price wasn't revealed, but Aston Martin was reportedly valued at as much as $1.2 billion last December. Ford Motor Company, which put Aston Martin up for sale to begin with, is said to be retaining 15% interest.
Two of Europe's richest men are considering a bid for Aston Martin.
According to the Financial Times, Bernard Arnault, who controls LVMH (Louis Vuitton, Moet Hennessy) and Albert Frere, probably Belgium's most successful businessman, are said to be thinking about a 1 billion bid - little more than small change as far as they are concerned. Rather than the cost, the big question for them is likely to be how they can make any money out of Aston Martin, once is it unplugged from the Ford support system. Aston Martin saves a fortune by being...
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