Sergio Loro Piana Dies
The fashion industry is mourning the loss of Italian cashmere entrepreneur Sergio Loro Piana. The 65-year-old died on Friday following a long battle with illness at his home in Milan.
Alongside his younger brother Pier Luigi Loro Piana, the beloved billionaire ran the family business from 1975. The pair’s father founded the company at the beginning of the 19th century, trading wool and textiles before becoming involved in luxury textiles in the forties.
Earlier this month Loro Piana was sold to Paris-based LVMH for a reported $2.7b (£1.6b). The luxury group bought an 80 per cent stake in the firm but kept the brothers on as joint vice presidents holding 20 per cent.
The companies released a statement on December 5th, which praised the union, and addressed both parties commitment to “excellence and quality” as well as “long-term vision”.
Loro Piano, which sells to the likes of Brioni, J Crew and Bloomingdale’s, is the largest Western trader of high quality fabrics. The fashion house is known for their particular focus on vicuna, the world’s rarest natural fibre.
Piana is survived by his wife, Maria Luisa, and their three children. A statement is yet to be released by a Loro Piana spokesperson; however, head of the Italian Chamber of Fashion, Mario Boselli, called Piana: “A rare, real gentleman, with a strong sense of humour, and a true innovator.”