Hermes Won't Let LVMH Own Them

Last month we told you how LVMH chariman Bernard Arnault acquired 17% of stock in Hermes.

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.]