LVMH (Louis Vuitton Moet Hennessy) announced over the weekend, that it acquired 15,016,000 shares of Hermes International, representing a 14.2% share of the company. According to the press release, the objective of LVMH is to be a long-term shareholder of Hermes and to contribute to the preservation of the family and French attributes which are at the heart of the global success of this iconic brand. LVMH wants to make it clear that they have no intentions of taking control of Hermes.
LVMH had previously amassed 3,001,246 of Hermes International shares and with the latest pick-up, it now owns 17.1% of Hermes for a total of €1.45 billion ($2.02 billion).