Regulator fines LVMH EUR 8 million - leatherbiz: Leading news site for Leatherbiz

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Regulator fines LVMH EUR 8 million

09/07/2013
As anticipated, France’s stock market regulator has imposed a heavy fine on luxury group LVMH for what it said was a lack of openness in the group’s strategy of building up a stake in rival luxury leathergoods brand Hermès, starting in 2010.

The regulator fined LVMH EUR 8 million at the start of July for what it said was the “seriousness of the successive breaches of public disclosure requirements, concealing each stage of LVMH’s stakebuilding in Hermès”. It said LVMH had circumvented rules intended to ensure transparency.

A report in the Financial Times said LVMH intends to appeal.



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