Paris-based luxury goods conglomerate Louis Vuitton Moet Hennessey has awarded its pan-European media planning and buying account to Aegis-owned Carat Group, effective 2001.

The business, previously with Initiative Media, has an estimated annual value of $85 million. Just one slightly sour note mars Carat’s euphoria: LMVH’s media business in Spain is to remain with incumbent Havas Advertising.

News source: Advertising Age - Daily Deadline