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LVMH drops appeal against fine for Hermes stake

September 4, 2013

French luxury group LVMH has announced it is abandoning its appeal against the record-breaking fine it incurred for its secret stake in rival luxury house Hermes.

LVMH remained defiant, however, saying in a statement that it still disputed the ruling but had to consider the time and cost of further proceedings and focus on the management of its slice of Hermes.

Bernard Arnault's giant was hit with an €8 million penalty from the French financial regulator Autorite des Marches Financiers in early July for failing to comply with disclosure rules.

Family business roundup: Hermes, Ferragamo, Folli Follie, Exor

August 30, 2013

Hermes surprises with strong profits for the first half, while Ferragamo and Folli Follie also see profits up. Exor sees profits soar due to SGS sale.

Hermes
Strong demand for leather and silk accessories has seen French luxury group Hermes beat forecasts for its first half operating profit, up 14% to €584 million.

The fashion group said growth was balanced in all regions, with Asia ex-Japan and the Americas both seeing growth of 17% compared to the previous year.

Family Business Roundup: Next-gens appointed at Hermes and Carmignac; M&S grandson voices concerns

July 11, 2013

Sixth gen to take over at Hermes, Maxime Carmignac takes over the family business’s UK office, and M&S family member says the retailer needs to modernise.

LVMH gets €8 million record fine for Hermes stake

July 2, 2013

LVMH has been fined €8 million by the French financial regulator for the clandestine stake it built up in rival luxury family business Hermes – the largest fine ever issued by the Autorite des Marches Financiers.

The AMF enforcement committee said it made the ruling after considering the "seriousness of the successive breaches of public disclosure requirements, which consisted [of] concealing each stage of LVMH's stake-building in Hermes".

LVMH could face big fine over 'secret' Hermes stake

May 22, 2013

Bernard Arnault's luxury goods powerhouse LVMH could face a big fine if it is found to be in breach of financial regulations over its stake in rival family business Hermes.

A spokesman for the French financial regulator Autorite des Marches Financiers said it was unable to comment on the detail of the case so close to the committee hearing on 31 May, but said LVMH would face a fine if in breach of AMF regulations.

Family business roundup: Strong first-quarter results for ABF and Hermes; profits drop at Pick n Pay and Heineken

April 24, 2013

ABS and Hermes reported strong first-quarter results, bolstered by demand for luxury and budget garments. But South African Pick n Pay and German Heineken fared less well, with growth in profits falling.

Associated British Foods
Associated British Foods posted strong results for the first quarter of 2013, with revenue increasing 10% to £6.3 billion (€4.2 billion), compared with the same period last year, and operating profit rose 20% to £496 million.

Family business roundup: Profits squeezed at Wates, H&M and Auchan, Ferragamo and Hermes notch up strong results

March 25, 2013

Some of Europe’s best-known family businesses reported a mixed bag of results recently, with the luxury groups unsurprisingly notching up the highest growth.

Wates

Hermes-LVMH war: Paris prosecutor opens investigation

October 15, 2012

French prosecutors will look into Hermes’s claim that fellow luxury goods group LVMH engaged in insider trading to accumulate a stake in the smaller family business.

"A preliminary investigation has been opened in order to assess the content of the complaint," an official at the Paris prosecutor's office said on 13 October.

LVMH 'did not engage in insider trading'

October 4, 2012

The chair of France’s market regulator reckons LVMH, the luxury group controlled by Bernard Arnault, did not engage in insider trading when building up a stake in fellow family business Hermes.

Paris-based LVMH, owner of Louis Vuitton, bought its first 14% stake in Hermes in 2010, which it later raised to more than 20%.

France, family and feuds

September 6, 2012

Families will feud. They will feud between themselves and with other families. These feuds can get pretty nasty, and when there’s money and power involved the nastiness often gets aired in public.

So it is with two of France’s most powerful families – the 70-plus family members behind Hermes and the Arnaults, or more specifically, the patriarch, Bernard Arnault. Arnault and his family control more than 40% of the world’s biggest luxury products business, LVMH.