That’s when speculation began that LVMH would soon try to acquire more even though the majority of the company is still owned by the Hermes family.
But the high-end purse makers aren’t going to let LVMH gain any more equity.
The founding family is setting up a private holding company that will own more than half of the Hermes shares. This will allow Hermes family members to sell their stocks, which amounts to 73% of Hermes, without worrying that LVMH will purchase them.
The family, with over 60 members involved, is said to all be on board.
[Image via AP Images.]