New York, April 3: France'ss LVMH Moet Hennessy Louis Vuitton SA will buy famed US fashion house Donna Karan International Inc. for $ 243 million, adding another household name to LVMH's stable of luxury products.Donna Karan will remain artistic director and retain control over creative aspects of the firm, she said in an announcement on Tuesday. She founded the firm in 1984, and it became one of the best known names in international fashion.
LVMH will pay $ 10.75 per share to acquire Donna Karan. The price is 26 per cent higher than the $ 8.50 per share price initially proposed by LVMH in December.
Karan and her husband, Stephen Weiss, had already agreed to sell Gabrielle Studios Inc to LVMH for between $ 400 million and $ 450 million.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
