LVMH has given up the fight for Hermès, ending a bitter four-year battle between the luxury industry’s Goliath and its family-controlled rival.
The truce announced yesterday appears to be a victory for the Hermès family, which had vowed to eject LVMH from its share capital, and constructed elaborate defences to maintain its independence.
The deal offers Bernard Arnault, France’s richest man and head of LVMH, a face-saving way to wind down his 23.2 per cent holding amassed in Hermès since 2010.
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