PARIS | Fri Oct 7, 2011 - LVMH (LVMH.PA) said on Friday it had agreed to acquire control of fine crocodile leather supplier Heng Long, based in Singapore, in the latest move by a luxury group to invest directly in a subcontractor to control supplies amid rising leather goods prices.

The Wildlife Odyssey collection by Ethan K is exquisitely created from crocodiles supplied from Singapore. Ethan Koh is a fourth generation descendant of the Koh family and today is designer and founder of his own brand Ethan K, currently based in London

The tannery will be 51 percent-owned by LVMH and 49 percent-owned by the Koh family who runs the business, valued at about 92 million euros ($123 million) under the terms of the transaction.

($1 = 0.746 Euros)

(Reporting by Astrid Wendlandt; Editing by James Regan)