LVMH Hermes battle at top
The legal battle continues between LVMH and Hermes has accelerated into high gear - with LVMH file another complaint against the French label. The luxury group a complaint Tuesday against a civilian manager at Hermes -. "Fraudulent activity" in response to his comments, which means that LVMH had performed
It is believed that the case Patrick Thomas, CEO of Hermes International includes claims that the company has received its controversial 22.6 per cent stake in the brand in a deceptive manner, during the annual meeting of Hermes earlier this week. He accused the conglomerate is "fraudulent" or "so disorganized," not knowing how he came to receive his first 17.1 percent stake. "I'll let you decide," he concluded.
LVMH vice president Pierre Gode, was a confirmation of the new fees, the French newspaper Le Figaro yesterday, say they filed the complaint cites ". Following what has been told by the manager" WWD reports that "He added:" The campaign we want to destabilize Hermes Our patience has its limits, it is time that the public learns the truth .. ".
The news comes just days after the regulatory authority of France, the Autorité des Marchés Financiers (AMF), recommended that LVMH will be € 10 million (£ 8.5 million) punished, the more stake in Hermes - where the maximum load the timing of the result. A final decision is before 31 Take place in July.
The AMF has the company of luxury hide its gradual takeover of Hermes, now accused at 22.3 percent, in cash equity swaps from 2001. LVMH has not announced that he had a renewed interest in the brand to 21 October 2010.
Hermes Branded acquistion an "attack" and fears a takeover attempt. LVMH denies to invest heavily through dubious means. The case continues.