October 4, 2016 / 6:16 AM / a year ago

LVMH buys 80 pct of German luggage group Rimowa

PARIS, Oct 4 (Reuters) - French luxury group LVMH said on Tuesday it had reached a deal to buy 80 percent of German high-tech luggage maker Rimowa for 640 million euros ($716.16 million).

The transaction, LVMH's first acquisition in Germany, must be approved by competition authorities. It is due to be completed in January 2017, the statement said.

Founded in Cologne in 1898, luggage and leather goods maker Rimowa eyes a 2016 revenue of over 400 million euros.

$1 = 0.8937 euros Reporting by Dominique Vidalon; Editing by Maya Nikolaeva

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