French luxury giant LVMH, the owner of brands including Moet and Louis Vuitton, is buying an 80 per cent stake in German luggage maker Rimowa.
Dieter Morszeck, grandson of the founder of Rimowa, is selling the majority stake in his family's company but will hold onto a leadership role as Rimowa becomes the German arm of LVMH.
Rimowa is best known for its four-wheeled aluminium suitcases.
Alexandre Arnault, one of the sons of Bernard Arnault, the LVMH boss, will take on the job of co-chief executive alongside Morszeck. The two families have formed "close ties" over the past two years, Morszeck said.
My grandfather founded Rimowa more than a century ago and I joined the company 44 years ago. By entrusting this family venture to the LVMH Group, we are guaranteeing a promising future to all Rimowa employees.
Bernard Arnault said: "Rimowa is a brand with a unique heritage.
"We share with Dieter Morszeck the same passion for innovation and a common desire to offer very high-quality products derived from a European tradition of craftsmanship. What’s more, it brings me great pleasure that Rimowa will be the first German house to join the LVMH Group."
In case you needed a reason to travel, here's a video of a plane Rimowa helped to restore: