Hermès family wants no investment from rival - leatherbiz: Leading new Leatherbiz

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Hermès family wants no investment from rival

03/11/2010
Media in France have reported that the family behind the Hermès luxury leathergoods brand has asked Bernard Arnault, chief executive of rival luxury group LVMH, to relinquish a stake he recently bought in Hermès. Bertrand Puech, fifth-generation descendant of Hermès founder Emile Hermès and current head of the Hermès brand told Paris-based daily Le Figaro that his whole family wanted Mr Arnault to withdraw his interest in Hermès.

The LVMH boss bought a 17% stake in Hermès in mid-October. The Hermès is still the majority shareholder with 73%. He said at the time that his actions were “friendly”. Mr Arnault is reported to have given the family three hours’ warning before announcing the move.

Now, however, Mr Puech has said: “If you want to be friendly, Mr Arnault, you have to withdraw your interest.”

Reports said the Hermès management team had serious concerns about the manner in which Mr Arnault had acquired his stake and would be reporting the matter to the financial authorities in France.


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