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Hermes And LVMH Battle Of Words Intensified

2011/6/3 13:56:00 44

Mr. Pierre Gode, vice president of LVMH group, is at Hermes.

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At the annual meeting, the following statement was made clear: "the LVMH group has never taken any measures to influence the stability of the Hermes family, employees or suppliers. I ask those who have been stigmatized about this behavior to produce relevant evidence.

The leaders of the LVMH group are rational and wise, and we are deeply aware that the Hermes family owns 70% of the company, and we have no chance to control the Hermes company.

For this reason, we have no reason to undermine the steady development of Hermes.

Shareholder

We certainly hope that Hermes will develop better and better. "

Hermes

Mr. Puech, a member of the Hermes family, expressed doubts about this statement. He said: "in the past 6 months, we have suffered all kinds of attacks that we have not experienced in 174 years."

According to media reports, there were some differences within the Hermes family. Puech's brother Nicolas Puech once said that it was unwise to put all the shares in the non-listed company to prevent Arnault takeover, but Puech denied that.

At the annual meeting on Monday, small shareholders also took part in the discussion. One of the shareholders publicly accused the LVMH group of being hypocritical and deceitful, and Mr. Pierre Gode said he would retain his right to investigate the law.

He said, "I will not allow any defamatory remarks, even formal meetings. I hope the police can attend this meeting. Our LVMH group has always been courteous in meetings."

The three families of Dumas, Puech and Guerrand have 70% of Hermes company's shares. At the meeting, Puech reiterated that three families wanted to maintain Hermes's independence and said they would pfer 50% of their funds to non-listed company.

Hermes

The company's first quarter sales increased by 25.5% to $870800000.