LVMH Moët Hennessy Louis Vuitton has taken a majority stake in Rimowa, the German producer of high-quality leather goods and luggage. The transaction relates to 80% of the shares for a value of $719m and is due to complete in January 2017. Rimowa will be the first German company to become part of LVMH! Dieter Morszeck, grandson of the founder of Rimowa will continue to hold equity in the business and maintain his leadership functions. Alexandre Arnault will be appointed Co-CEO of Rimowa upon completion of the transaction. Rimowa revenues for 2016 are expected to exceed $ 450 million!