The relationship between Hermès and LVMH hasn't exactly been the most peaceful since the luxury conglomerate's acquisition of the brand's company shares (let's just say there's been a lot of public name-calling). And the drama continues today as Hermès announces that they've taken legal action again.
In a short statement, Hermès International revealed today that it filed a complaint with a Paris court on July 10 against LVMH Moët Hennessy Louis Vuitton. “This complaint concerns the terms of LVMH’s entry into the capital of Hermès International,” the statement read. Specifically, the brand is accusing LVMH of engaging in insider trading and manipulating stock prices, an anonymous source revealed to Women's Wear Daily.
These accusations are nothing new though, and Hermès has been voicing their concern about LVMH stake building and alleged attempts to destabilize family shareholders for years now. In 2010, LVMH acquired 17.1 percent stake in Hermès but has increased its stake to 22.3 percent since.
So what does this mean for our beloved Birkin and Kelly bags? Well, Hermès has already won last year's court battle with LVMH, securing more than 70 percent of the shares via a family holding company. And LVMH has maintained that it's not seeking to take full control of the brand. We'll just have to wait and see what the court decides, but we have a feeling this is not going to be an easily resolved issue.
UPDATE: LVMH plans to file a retaliatory lawsuit against Hermès for “blackmail, false accusations and unfair competition,” according to a statement released today.
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