French luxury goods maker, Hermes International, wants French rival LVMH Moet Hennessy Louis Vuitton (LVMH) to cut it stake in Hermes, Bloomberg reports. Paris-based Hermes wants LVMH to free up shares on the open market.
Paris-based LVMH presently owns around 20.2% of the Hermes shares, while the Hermes family controls 70% of the company’s stock. LVMH disclosed a 14.2% stake in Hermes in October last year and has since increased it to the current share.
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