Luxury goods group LVMH has bought a minority stake in leathergoods brand Hermès.

LVMH now holds 14.2% of the share capital of Hermès International and is hoping to convert its shares in the company, which would increase its overall stake to 17.1%.

“The objective of LVMH is to be a long-term shareholder of Hermès and to contribute to the preservation of the family and French attributes which are at the heart of the global success of this iconic brand.

“LVMH fully supports the strategy implemented by the founding family and the management team, who have made the brand one of the jewels of the luxury industry,” said LVMH in a press release.

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