LVMH continues to increase stake in Hermes from 22,6% to 23,1%
In what may already seem a well orchestrated theatre play, each actor with its part, LVMH announces it has increased its stake in Hermes from 22,6% at 30th December 2012 to 23,1% at 30 June 2013. Jacques Guiony, CFO of LVMH told French media today that the increase in stake ownership of Hermes comes as a ‘fortunate opportunity’.
Hermes’ furious retorts during the already two year media campaign and its legal actions against LVMH risk to appear futile and may even cast doubts over the apparent unity of the family shareholders of the maison. LVMH has once again flexed its muscles by flaunting its financial power by purchasing, last week, Italy’s Loro Piana for 2 billion euros, considering the company’s turnover in 2012 did not exceed 650 million euros.