French luxury titans LVMH and Hermès, which have been engaged in a longstanding feud over LVMH’s rumored attempted takeover of family-owned Hermès, are taking stabs at each other in a series of public complaints.
LVMH, best known as owner of Louis Vuitton, acquired a 17.1 percent stake in Hermès in October 2010, and has since raised its stake in Hermès to more than 22 percent.
Hermès is the second-most valuable luxury brand in the world, and a significant stake in the brand would help LVMH, the world’s largest luxury retailer, expand its reach.
Hermès, which is known for its luxe scarves and handbags, accused LVMH Moët Hennessy Louis Vuitton of insider trading and manipulating share prices in a complaint filed with a Paris court earlier this year, according to a source cited by WWD. LVMH had used a market loophole to bypass requirements to declare share purchases when it initially bought into Hermès.
Now, LVMH Moët Hennessy Louis Vuitton has shot back, saying that its acquisition was perfectly legal and that it plans to file a retaliatory complaint against Hermès.
Read More: Businessinsider