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LVMH buys controlling stake in Milanese coffee house Cova

RBR Staff Writer Published 28 June 2013

LVMH Moët Hennessy - Louis Vuitton, a French multinational luxury goods conglomerate, has bought a majority stake in Milanese coffee house Pasticceria Confetteria Cova for an undisclosed amount from the Faccioli family.

The French retailer intends to expand Cova brand in the international market.

The Faccioli family would remain as managers and minority shareholders, The Wall Street Journal reported.

Launched in 1817, the chain currently operates in markets including Hong Kong, Shanghai and Tokyo through franchise partners.

Besides Cova, LVMH earlier invested in another food business Grande Epicerie de Paris, a part of the Bon Marche department store.

LVMH also purchased controlling stakes in Italian family brands Fendi, Pucci and jeweler Bulgari, which struggled to expand due to funds crunch.