Skip Nav
Olivia Palermo
Olivia Palermo's Best Dresses Are All Perfect For This 1 Occasion
Summer
All the Ways You Still Haven't Thought to Wear Your Denim Skirt
Bras
The Only 17 Pieces You'll Ever Truly Need in Your Underwear Drawer

Hermes Family Asks LVMH and Bernard Arnault to Withdraw

>> Late last month, LVMH stealthily purchased 17.1 percent of Hermes shares, and despite denying any full-on takeover bids, LVMH announced intentions to buy more shares depending on market conditions. Hermes executives are not taking the news lying down.

In a newspaper interview with Le Figaro today, Patrick Thomas, CEO of Hermes International, and Bertrand Puech, who is a fifth-generation heir of Hermes founder, Emile Hermes, and represents the family shareholders, called for LVMH chairman and CEO Bernard Arnault to get rid of his newly-acquired stake. They added that they did not see the shares purchase as "friendly," despite Arnault's assurances that he doesn't plan a hostile takeover. "The family is saying clearly and unanimously: ‘If you want to be friendly, Monsieur Arnault, then you must withdraw’,” Puech added.

Arnault phoned to notify Puech of the stake just hours before issuing a statement, causing him “surprise and displeasure,” he said. Thomas and Puech both met with Arnault last week after the announcement, where they told him face-to-face that they don't consider his overture friendly. “There is nothing friendly about this move. It was neither desired nor solicited,” said Thomas, adding: “It is very probable that he will increase his stake, I don’t know his intentions. This culture [of craftsmanship and strong traditions] is hardly compatible with one of a big group. It is not a financial battle, it's a cultural battle."

Hermes family members still control 73 percent of the firm not currently owned by Arnault and are awaiting the French market regulator's decision on whether LVMH's stake purchase happened legally.

Around The Web
Join The Conversation
Most Expensive Birkin Bag
How to Buy an Hermes Birkin Bag
Olivia Palermo's Fall Outfits
Best Street Style Shoes and Bags Fashion Week Spring 2016
Feminine Bow Ties Are Now a Thing, Thanks to Hermès
Kylie Jenner's 18th Birthday Pictures
Handbags Named After Celebrities

POPSUGAR, the #1 independent media and technology company for women. Where more than 75 million women go for original, inspirational content that feeds their passions and interests.

From Our Partners
Latest Fashion
X