Christian Dior and LVMH combined by French billionaire
France's richest man has made a £10bn move to combine the Christian Dior fashion house and luxury goods firm LVMH under the same ownership.
Bernard Arnault is the boss of LVMH, which runs Louis Vuitton and Moet champagne, and is also the main shareholder in Christian Dior.
Under the complex deal, the Arnault family will offer to buy the rest of Dior that it does not already own.
LVMH will also buy Dior's high-end fashion line for 6.5bn euros (£5.5bn).
That will unite Christian Dior Couture, the 70 year old fashion label which has been worn by film stars from Elizabeth Taylor to Jennifer Lawrence, with the Christian Dior perfume and beauty business already owned by LVMH.
The move was welcomed by investors, who have called for Mr Arnault to simplify the structures of LVMH and Dior.