French multinational luxury goods conglomerate LVMH is acquiring Christian Dior Couture for a cool $13 billion.

The deal will merge the fashion label with the greater Dior brand, including Parfums Christian Dior, which is already owned by LVMH.

Bernard Arnault, chairman and chief executive officer of LVMH, said in a statement:

“The corresponding transactions will allow the simplification of the structures, long requested by the market, and the strengthening of LVMH’s fashion and leather goods division thanks to the acquisition of Christian Dior Couture, one of the most iconic brands worldwide.” 

The Paris-based empire owns over 70 prestigious brands globally including Dom Pérignon, Louis Vuitton, Guerlain, and Veuve Clicquot.