French luxury goods maker Hermès said its frustration at having arch-rival LVMH as its biggest external shareholder at its annual general meeting on Tuesday and once more called on the group to sell its stake.
LVMH, the world’s biggest luxury group, which owns 23 percent of Hermès, was fined 8 million euros by the French market, AMF supervisor last year for failing to properly disclose its building of a stake before 2010. “We do not want shareholders that are rivals,” Hermès Chief Executive, Axel Dumas told the company’s annual shareholder meeting. “We want to preserve our independence.”
In an interview, Dumas said: “LVMH is totally free to sell its shares and to be honest, would be welcome to do so.” LVMH, owner of Louis Vuitton, Dior and Celine fashion brands, has repeatedly said Continue reading