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Luxury group LVMH has assumed control of Heng Long International, one of the world’s leading suppliers of fine crocodile and other exotic leathers, as demand for leathergoods rises continue to increase.
Under an agreement, LVMH will own 51% of the leather tannery with the other 49% owned by the Koh family, the founders and controlling shareholders of the company. The deal is estimated to be about 92 million euros (about $123 million).
The tannery will be 51 percent-owned by LVMH and 49 percent-owned by the Koh family who runs the business, valued at about 92 million euros ($123 million) under the terms of the transaction.
A fourth generation, family-run tannery, Heng Long is a longtime supplier of fine quality crocodilian leather to luxury and high-end fashion products manufacturers globally, including LVMH.
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