Originally from Trivero (a district in north Italy famous for textile production), the Loro Piana family started as merchants of wool fabrics at the beginning of the 19th century. In the second half of the 19th century, the family moved its activity to Valsesia and founded the Lanificio Fratelli Lora e Compagnia, followed by Lanificio di Quarona di Zignone & C. at the beginning of the 20th century. Franco Loro Piana, Pier Luigi’s father, started exporting fine fabrics in the 1940s and Pier Luigi and his older brother, Sergio, joined in the 1970s.
On 19 December 2013, Sergio Loro Piana died.
In 2017 the Loro Piana family reduced their 20% ownership holdings to 15%. Specifically, Pier Luigi Loro Piana cut his holdings down to 5 percent, While the family of Sergio Loro Piana still own their original 10 percent. 
The company has stores in Europe, North America, and Asia, totalling 132 stores worldwide.
In 2012, turnover reached €700 million and net income represented 20% of sales. In December 2013, LVMH announced that Antoine Arnault would become chairperson of Loro Piana. In 2016, revenue was estimated at €800 million. The company produces about 5 million meters of fabric each year, and supplying textiles to other brands accounts for about a quarter of its revenue.
In 1985, the company began sponsoring Italian and international horsemen and partnered with the Italian Equestrian Sports Federation (FISE). Loro Piana sponsored the Around the Island Race 2006 in Hong Kong.
Since 2008, Loro Piana has sponsored two annual super yacht sailing regattas, organised by Boat International Media and the Yacht Club Costa Smerelda, attracting an ever-increasing fleet of sailing yachts for a prestigious four-day programme of competitive racing and elegant socialising. The Loro Piana Superyacht Regatta and Rendezvous, held at the YCCS, Virgin Gorda, took place from 9–12 March 2016. The Loro Piana Superyacht Regatta Porto Cervo is the regatta that opens the Mediterranean superyacht calendar and will take place 7–11 June 2016.
Since 2000, Loro Piana has sponsored an annual prize for the world’s finest bale of wool, which produces enough fabric for 50 men's suits. Generally, it is won by an Australian or New Zealand woolgrower. In 2008, Loro Piana paid a record 48,000 cents per kilo for a bale of superfine merino wool averaging 12.5 micron produced by Peter and Greg Munsie and Phil and Judy Fittler of Uralla, New South Wales.
- "Prêt à porter: LVMH s'offre 80% du groupe Loro Piana - L'Express avec L'Expansion". lexpansion.lexpress.fr. Retrieved 9 June 2014.
- Zargani, Luisa (20 December 2013). "Sergio Loro Piana Dead at 65". WWD. Retrieved 20 December 2013.
- "Loro Piana Stores in the World". Loro Piana. 2009. Retrieved 8 September 2009.
- Miles Socha (5 December 2013). "Younger Arnaults Gaining Greater Power at LVMH". WWD. Retrieved 8 December 2013.
- "Loro Piana is the official supplier for the Italian eventing and dressage teams - Industry Press Releases". arabianbusiness.com. Retrieved 12 April 2015.
- Australian Wool Network News, Issue #19, July 2008
- Kelvin Vale Ram Sale, 2009, Uralla Printers
- Official Website
- Fashionwelike.com - Interview with Sergio and Pier Luigi Loro Piana
- The iconic Loro Piana Tasmanian® men's fabric unprecedentedly takes flight