Thought Bernie was somewhere exotic until we saw the Jersey plates….nice luggage!
This just in out of Paris….LVMH Moët Hennessy Louis Vuitton is taking a large stake in its rival, Hermès International, a bold move that could rekindle consolidation in the luxury-goods industry. LVMH, the world’s biggest luxury-goods group with brands such as Louis Vuitton and Moët et Chandon, said Saturday it had accumulated as much as 17% of the family-controlled French fashion house behind the iconic Birkin and Kelly handbags.
The stake-building immediately raised questions about the long-term intentions of LVMH, whose chairman Bernard Arnault has often lauded Hermès and has over the past two years signaled interest in acquisitions. LVMH is known for its takeover hunger, having in the past made moves on big competitors such as Italian fashion house Gucci, as well as smaller players such as Fendi and Donna Karan. In its statement, the company described its move as friendly.
Wonder what effect if any this will have on the brands, but the family members that own 70% of Hermes have already said they’re not selling out.
No comments:
Post a Comment