The French luxury group LVMH, led by billionaire Bernard Arnault, has announced the purchase of Dior in a $13 billion deal that will see all operations folded into the LVMH luxury empire.

With Parfums Christian Dior already under its control, the mammoth deal will see LVMH taking ownership of Christian Dior and its haute couture, leather, men and women’s ready-to-wear, and shoe businesses.

A simplified public offer by the Arnault family group for Christian Dior shares — that it does not currently hold — and take form of a primary offer consisting of €172 per share in cash and 0.192 Hermès International shares for each Christian Dior share, and would be completed by two secondary offers, in cash and in Hermès shares respectively”, the LVMH statement read.

LVMH expects the deal to be formalized by late May.