Billionaire Italian Cashmere Head Sergio Loro Piana Dies

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The head of the family-run, LVMH-owned Italian luxury company passed away after a long illness.

Sergio Loro Piana, a vice president of his family's namesake Italian cashmere company, has died at age 65 after a long illness, Women's Wear Daily reports.

Along with younger brother Pier Luigi Loro Piana, who alternated top executive duties at the Quarona, Italy-based company, Piana became a billionaire earlier this year when LVMH purchased an 80 percent stake in the company. The brothers continued their involvement in the company after the sale, serving as vice presidents and maintaining a 20 percent stake. 

The brand, which informally began as a wool and fabric trader in the 1880s and was officially founded in 1924, is known for high-end, classic, rare cashmere pieces for both men and women, with an offering of leather goods and accessories combining Italian manufacturing principles with old-world-infused modern design (think of-the-moment desert boots made from butter-soft Italian leather). Angelina Jolie, Rosie Huntington-Whiteley and Katie Holmes all are fans of the label, which sells to J. Crew, Brioni and Bloomingdale's.

Piana is survived by his wife and three children, according to WWD.