LVMH continues to increase its stake in HERMES

According to a press release by AMF on Tuesday, the French regulatory board of the Paris Stock Exchange, LVMH has continued to increase its stake inHermes, from 21,4% to 22,28%. According to an AMF official quoted by AFP, LVMH will continue to buy Hermes shares depending on the circumstance. LVMH’s increase in shares and voting rights at Hermes come within days from the forming by the Hermes family members of a holding company to protect the company against a hostile take over. All family members except Nicholas Puech (owner of 6% shares of Hermes) agreed to be part of the new holding.

Monday, an Hermes Birkin bag sold for a record 61.000 euros in a charity event held in Paris at L’Hotel Drouot. This is the highest price ever for a Birkin bag, except one which was sold in 2007 for 74.000 euros – bag which actually belonged to Jane Birkin.