Sergio Loro Piana was born in Milan on 24 May 1948, a son of Franco Loro Piana. In the 1970s he and his brother Pier Luigi took over the running of the family company from their father, alternating as chairman every three years. They concentrated on developing top-quality fabrics in cashmere, extra-fine wools and vicuña, and their research produced Tasmanian, a fine wool cloth that became an exclusive Loro Piana fabric.
In the 1980s the brothers diversified, launching the first ready-to-wear and accessories and creating a luxury goods division. The company began working with vicuña in 1994 and in 1997 signed an agreement with the Peruvian government and Andean communities to buy the fibre only from animals shorn alive (English Wikipedia says animals raised in the area; Italian Wikipedia says wild animals); in 2008 it helped fund Peru's first private vicuña reserve. The first Loro Piana shop opened in Milan in 1998, followed by Venice, and the network grew to about 130 boutiques, along with textile accessories, footwear and home furnishings.
On 8 July 2013 the family sold 80% of the company to LVMH (English Wikipedia gives US$2.6 billion including debt; Italian Wikipedia €2 billion). Antoine Arnault became chairman and Sergio and Pier Luigi became vice-chairmen, keeping 20%. Sergio died in Milan after a short illness on 20 December 2013. He was married to Luisa, had three children, and loved horses and sailing. Italian Wikipedia gives his age at death as 69, which does not match his stated birth date.