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THE READER: LVMH Moët Hennessy Louis Vuitton is suddenly very bookish. The French luxury group confirmed Wednesday it has taken a 9.5 percent stake in Groupe Madrigall, parent company of famous French publishing house Gallimard. Financial terms were not disclosed.
Separately, WWD has learned that LVMH also quietly took a small stake in New York-based Assouline in recent months. The book publisher is known for its luxurious tomes on fashion, photography, art and design. LVMH and Assouline had no comment.
LVMH’s other editorial holdings include book publisher Arléa and Groupe Les Échos, whose titles include its flagship financial newspaper, Connaissance des Arts and Investir magazine.
LVMH chairman and chief executive officer Bernard Arnault said that Madrigall upholds “literary and historical heritage of an outstanding quality. I am happy that [group ceo] Antoine Gallimard chose to involve LVMH in his group’s future. We share the same vision for the development of our houses, based on prestigious history, family involvement and the talent of our teams.”
Gallimard has been home to many of the most prestigious writers in French literature throughout the 20th century, including Marcel Proust, Antoine de Saint-Exupéry and Albert Camus. More recently, it published popular authors such as Philip Roth and J.K. Rowling.