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Luxury: Object of desire

Bernard Arnault, the billionaire head of French luxury goods group LVMH, once dismissed a question about a rival group, saying: “As far as competitors, there are two I admire: Chanel and Hermès.”

That was soon after Mr Arnault’s tenacious “handbag war” for control of Gucci, the Italian leather goods maker, ended in rare defeat at the hands of arch-rival François Pinault’s PPR group (now known as Kering) more than a decade ago.

Now Mr Arnault is involved in a second handbag war – this time for Hermès – regarded as the crème de la crème of luxury goods companies for the quality and craftsmanship of its bags and silk scarves and ties.

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