Louis Vuitton owner admits defeat in the Battle of French luxury

Luxury goods giant LVMH , Louis Vuitton accessories which owns Louis Vuitton and Moet Hennessy , admitted that he did not appeal in a fine French after a long-running dispute with its heated rival Hermès . In July, the French stock market watchdog , the AMF fine LVMH € 8 million ( € 6.76) for failing to disclose its participation in the strengthening of rival Hermes before 2010. LVMH said that despite being in the call of the AMF was " fully justified " in order, he put an end to the process of deterioration " good management " of his participation to avoid decided amounted to 23.1 percent. The 175 -year-old manufacturer of Birkin handbags - - in a fight to punish LVMH secretly to build participation although not as high as the maximum fine of € 10 million , which could have been imposed , the AMF as a victory for Hermes was fine . The Disciplinary Committee of the AMF in particular condemned the " unusual " way LVMH had amassed actions to prevent the acquisition of equity swaps with a number of banks disclosure and the use of foreign subsidiaries that have not yet been identified as combined units. LVMH said that in his work, the AMF " explicitly confirmed that the acquisition of the stake in Hermes, LVMH never broken the rules for thresholds or engaged in insider trading or market manipulation . " Louis Vuitton atheia