Fashion house LVMH have increased their stake with Hermes International from 22.6 per cent to 23.1 per cent, even after their legal dispute and having to pay out an $8 million fine.
LVMH and Hermes have been involved in an ongoing argument after being accused of hiding their gradual acquisition through settled equity swaps since 2001. LVMH did however deny investing through “questionable means” and argued their case stating the company never “slowly and secretively accrue shares.”
Despite everything, the company have purchased new shares on the market and increased their stake with Hermes, which LVMH chief financial officer Jean-Jacques Guiony says “It was an opportunist move. It doesn’t say anything about our attitude in the future, so you cannot extrapolate that for the rest of the year.“
