Hermes shares soar on Louis Vuitton stake rise
SHARES in French leather goods group Hermes soared more than 15 per cent overnight on an announcement by luxury retailer Louis Vuitton Moet Hennessy (LVMH) that it had raised its stake in the company, an operation that left analysts questioning the conditions under which it was carried out.
Hermes said it learned of the move on Saturday, just an hour before a public announcement by LVMH, the world leading luxury group, which markets such brands as Louis Vuitton, Givenchy, Dom Perignon and Dior.
Heirs of the Hermes family, who own 70 per cent of Hermes, on Sunday said they had no plans to sell mens hermes belt replica
any of their stake and had not sold any shares to LVMH.
They said that they remained committed to maintaining control of the company.
LVMH, which climbed 2.38 per cent on the Paris stock exchange overnight, said it had boosted its stake in Hermes International to 14.2 per cent from less than 5 per cent but denied it wanted to take it over.
Analysts were overnight questioning the manner in which LVMH was able to acquire so substantial an additional stake without having to declare the acquisition to the French stock market regulator.