LVMH, the world’s biggest luxury group, on Monday said it had acquired 80 percent of Italian fashion house Loro Piana for 2 billion euros ($2.57 billion).

Founded in 1924 in Quarona, Italy, Loro Piana is one of fashion’s longest and most estabished players, known for luxury knits and furs, and innovative new techniques.

The remaining 20 percent will stay in the hands of the family with brothers Sergio and Pier Luigi Loro Piana continuing to helm the firm.

Alongside their own collections, Loro Piana produces high-end fabrics and knitwear for fashion houses like Brioni and Christophe Lemaire, as well as mid-range retailers like Brooks Brothers.