PARIS — The enforcement committee of France’s stock market regulator, AMF, on Monday imposed its highest fine ever on LVMH Moët Hennessy Louis Vuitton over the way the luxury conglomerate acquired a 17 percent stake in rival Hermès International.
The committee, in charge of sanctions, ordered LVMH to pay 8 million euros, or $10.4 million at current exchange. The decision not only deals a blow to the group headed by Bernard Arnault but could set a precedent for other companies in France, since it has wide implications surrounding a firm’s obligation to report its strategic intentions — thus potentially creating confidentiality issues that have not existed in the past.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"