PARIS — LVMH Moët Hennessy Louis Vuitton now holds 17.1 percent of the share capital of Hermès International.
This story first appeared in the October 27, 2010 issue of WWD. Subscribe Today.
The French luxury group said Tuesday it acquired the 3 million shares it had previously described as derivative instruments when it revealed its 14.2 percent stake in Hermès last Saturday. As of Monday, LVMH holds just over 18 million shares.
The Hermès family, vowing to maintain control in the long term, said its members hold almost 75 percent of shares, as reported.
LVMH is expected to disclose further information about its surprise investment in the maker of Birkin and Kelly bags to the French market authorities as early as today.
Shares in Hermès fell 11.8 percent Tuesday to close at 179 euros, or $250.85 at current exchange rates, on the Paris Bourse after spiking 15.1 percent on Monday. Shares in LVMH were down 3.2 percent to 112.35 euros, or $157.45.