PARIS — The Paris prosecutor's office has opened a preliminary inquiry into a complaint by Hermès International concerning LVMH Moët Hennessy Louis Vuitton's acquisition of a portion of its capital, French media reported on Friday. The probe will determine whether the prosecutor drops the case or hands it over to an investigating judge. In its complaint, Hermès accused the world's largest luxury conglomerate of insider trading, collusion and manipulating stock prices, according to a source familiar with the issue. LVMH in turn has filed a suit against Hermès for "slander, blackmail and unfair competition."RELATED STORY: Hermès, LVMH Dispute Going to Court >>Spokespeople for LVMH and Hermès said they had no comment on the report, which appeared on the Web site of French business magazine Challenges. Officials at the Paris prosecutor's office were not immediately available to comment. LVMH surprised markets by revealing in October 2010 that it had amassed a 17.1 percent stake in Hermès via cash-settled equity swaps that allowed it to circumvent the usual market rules requiring firms to declare share purchases. It has since raised its stake to 22.3 percent. French stock-market regulator AMF in November 2010 launched an investigation to determine if LVMH respected market rules, which it plans to refer to its sanctions commission early next year. The Paris prosecutor's office has also asked the AMF to weigh in separately on Hermès' complaint. AMF president Gérard Rameix indicated in a recent TV interview that he did not think the company's allegations were substantiated.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim