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Hermès Shares Spike 15.1 Percent on Paris Bourse

LVMH investment in French luxury firm pushes stock to record levels.

PARIS — Shares in Hermès International jumped 15.1 percent in the wake of LVMH Moët Hennessy Louis Vuitton taking a 14.2 percent stake in the maker of the Birkin and Kelly bags.


 

 

Shares closed in Monday trading at 202.85 euros, or $283.04 at current exchange, on the Paris Bourse, while shares in LVMH rose 2.4 percent to close at 116 euros or $ 161.86.

 

Separately, LVMH and Hermes issued new press releases: the former to assure it acquired the stake within the proper regulatory framework; the latter to trumpet family unity in the face of a surprising and “unsolicited” new investor.

 

Hermès said family members control close to 75 percent of shares.

 

For complete coverage, see Tuesday’s WWD.