New owner for fashion house Christian Dior

French luxury empire LVMH has agreed to take full control of fashion giant Christian Dior in a £10 billion deal.

Billionaire Bernard Arnault’s LVMH – which houses brands including Louis Vuitton and Moet Hennessy – announced it was buying the remaining 26% of Christian Dior it does not already own, and will fold the fashion house’s 70-year old couture label into its group for £5.5bn.

It is one of LVMH’s biggest ever acquisitions and sees it add Christian Dior Couture to its stable, joining Dior perfumes, which it has owned since the 1960s.