German luggage and leathergoods brand becomes part of LVMH
04/10/2016
Rimowa has a reputation for innovation and for making high-quality, lightweight and easy-to-use luggage. It was founded in 1898 by Paul Morszeck. In 1937, his son Richard launched the first aluminium suitcase. His son Dieter designed the first waterproof metal case in 1976.
In 2000, Rimowa launched the first polycarbonate suitcase and, since 2014, has been offering an exclusive range called Bossa Nova, combining lightweight polycarbonate with leather. This suitcase is a tribute to the English artist and botanist Margaret Mee, who moved to Brazil in 1952 and devoted her life to painting and protecting plants from the Amazon. Rimowa donates a portion of sales to the Association Saúde e Alegria, which supports social projects in the Amazon.
Dieter Morszeck, grandson of the founder, has now decided to sell a majority stake in the company to LVMH, although he will continue to hold some of the equity and work in a leadership role at Rimowa. He said on making the announcement that he believes the LVMH Group will preserve “the spirit of excellence and the long-term vision” that have inspired his family and the company’s employees for over a century.
Upon completion of the transaction, Alexandre Arnault, son of LVMH chairman Bernard Arnault, will be appointed co-CEO of Rimowa. The luggage brand will then become the first German maison to form part of the LVMH Group.
On announcing the deal, Alexandre Arnault said: “Rimowa is a superb business that I have followed as a loyal customer for many years. It has revolutionised the luggage industry for over a century; its suitcases are renowned for their unique performance, quality and design. I am honoured to join Rimowa and to be working alongside Dieter.”
For his part, Dieter Morszeck said: “Over the past two years I have had the opportunity to establish close ties with the Arnault family, and in particular with Alexandre. Alexandre and I have discussed at length the attractive development prospects available to us and the common values that we share. I am delighted that he is joining Rimowa and I have full confidence in his ability to accelerate the development of the business by my side.”
Image shows (left to right): Alexandre Arnault, Dieter Morszeck and Bernard Arnault.
Share this story:
