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Family business roundup: Acquisition for LVMH, America Movil invests

LVMH has snapped up yet another Italian luxury brand, while America Movil spied potential in a UK-based app developer.

LVMH has snapped up yet another Italian luxury brand, while America Movil spied potential in a UK-based app developer.

LVMH
LVMH has bought a controlling stake in sixth-generation Italian textile and clothing family business Loro Piana for €2 billion.

Loro Piana was founded at the beginning of the 19th century and specialises in cashmere and other rare wools – it has more than 130 boutiques across Europe, Asia and the US. 

Sixth-gens Sergio and Pier Luigi Loro Piana said in a statement: "Under Bernard Arnault's leadership, LVMH has proved that is respects and nurtures family businesses and is most likely to respect the values and traditions of our maison." 

Loro Piana has projected revenues of €700 million for 2013. 

The purchase of Loro Piana follows LVMH's acquisition of Milan-based cafe and confectioner Pasticceria Confetteria Cova last month. 

America Movil
America Movil, the biggest mobile phone carrier in Latin America, has made a $40 million investment in UK-based mobile app developer Shazam. 

Carlos Slim's juggernaut saw the potential for Shazam apps in the Latin American market. Shazam was developed to help users identify catchy tunes without knowing the name or the artist, and now allows them to tag and share music on social media.

The app – available on Android and iPhone – has around 70 million users each month and current revenues of $300 million (€235 million) annually due to partnerships with companies like iTunes. America Movil has made Carlos Slim one of the riches men in the world, and had revenues of $59.8 billion in 2012.   

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