For quite some time, the luxury conglomerate LVMH (Louis Vuitton Moet Hennessy) has had its eye on Hermès. But unlike practically every other big-market luxury brand in the business, Hermès is still family-owned and isn't budging from the way it has operated business.
So, what's LVMH to do when it really wants Hermés? Attempt to gobble up all of the brand's stocks. It has come to attention that somehow, LVMH purchased over 22 percent of Hermés' stock in what some are calling a "secret takeover" of sorts—or so WWDreports.
But this story is not just hearsay. In fact, a French authority has recommended that LVMH be fined 10 million euros (the equivalence of $13 million).
However, LVMH finds no wrong-doing in its actions and admits this situation was all coincidence. "It was opportunistic. The progressive steps were made one after another, we never had a global vision,” Pierre Godé, the brand's vice president said.
We'll see if LVMH is able to take control of the luxury brand, or if Hermés is able to stay independent.
[via Fashionista]
