PARIS — Morgan Stanley declined all comment Tuesday on the disclosure that LVMH Moët Hennessy Louis Vuitton is seeking an additional 182.9 million euros, or $235 million at current exchange, in damages related to its ongoing case against the...
PARIS — Morgan Stanley declined all comment Tuesday on the disclosure that LVMH Moët Hennessy Louis Vuitton is seeking an additional 182.9 million euros, or $235 million at current exchange, in damages related to its ongoing case against the investment bank’s equity research.
Last year, Morgan Stanley was ordered by the commercial court here to pay LVMH 30 million euros, or $38.6 million, for “gross misconduct” related to the writings of its luxury goods analyst, Claire Kent.
As reported, the court appointed an expert, Didier Kling, to quantify material damages for what the French luxury firm described as a premeditated and systematic effort to denigrate LVMH while favoring rival Gucci, which receives financial advice from Morgan Stanley.
Kling has yet to table his tally, but LVMH’s claim it is owed 182.9 million euros more was revealed by Morgan Stanley in filing with the Securities and Exchange Commission related to its 2004 annual report. Financial News, an online service, unearthed the tidbit Monday.
Morgan Stanley is appealing the French court’s decision, denying any wrongdoing and standing by Kent’s research during the years in question, 1999 through 2002. In light of the legal proceedings, however, it has suspended its coverage of LVMH.
The appeal, set in motion last June, is now in a period of submissions and rebuttals that is expected to take the case into the fall. A date has not yet been set for a court hearing, and none of the materials exchanged between the combatants is public.
For its part, LVMH disclosed in its 2003 annual report its intentions to bring forth supporting evidence of “extremely substantial” damages caused by Morgan Stanley.
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)
@Pharrell and his wife Helen Lasichanh were among the stars that came out to celebrate @rimowa’s first pop-up concept shop. The space, which is located on Rodeo Drive in Beverly Hills, draws inspiration from airport luggage carousels and lounge areas – and features the company’s luggage and accessories. If the pop-up is successful it could pave the way for addition temporary shops throughout the world. #wwdfashion (📷: Owen Kolasinski/BFA)
@carineroitfeld celebrated @crfashionbook’s first calendar last night with a dinner party at Spring Place in Manhattan. Photographed by @stevenkleinstudio, the calendar takes on a fitness theme and features @joansmalls, @gigihadid, @danielle_herrington_ – pictured here – and more. “[Carine Roitfeld] wanted me to feel sexy and she wanted me to be myself and feel it out on my own and do what I felt was right,” said Herrington, aka Miss October. #wwdeye
@saintrecords and @virgilabloh last night at @americanexpress’ “A Night With Success Makers” event. “I always bring it back to community because without that I wouldn’t have the courage,” said Knowles when asked how she has gotten where she is now. Read more highlights from their conversation on WWD.com. #wwdeye (📷: @lizdoupnik)
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@assouline’s latest book, “The Spirit of Bentley: Be Extraordinary” captures the adventurous attitudes and opulent lifestyles of @bentleymotors’ most creative owners and enthusiasts throughout the U.K. The 292-page hardcover has a section dedicated to showing its team of skilled artisans and photos of its most colorful owners, from George Bamford to designer @alicetemperley, pictured here by Aline Coquelle. #wwdeye
@google released its report on the most popular search terms this year. For fashion brands, the list was led by @gucci, the luxury brand that stunned the market last October when it pledged to stop using fur. Runner ups were @supremenewyork and @fashionnova, along with more established brands like @louisvuitton, @chanelofficial and @ysl. #wwdfashion (📷: @aitorrosasphoto)
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)