Analysis by Euler Hermes said
egal principles," it said.t this year, according to credit insurance Gucci belt for mengiant Euler Hermes, on the back of infrastructure development and improved business climate. The forecast, published on Monday, is higher than that of the 3.1 percent growth predicted by the International Monetary Fund, but lower than the 3.9 percent recorded last year. Analysis by Euler Hermes said that economic growth across the GCC was anticipated to slow during 2013 and 2014 to 4 percent and 4.3 percent, respectively. In 2011 and 2012, the six-nation bloc posted 7.2 percent and 6 percent increases, respectively. The company also repeated that the AMF said LVMH had "never breached regulations regarding ownership thresholds or engaged in insider trading or market manipulation," wrongdoings that are subject to criminal sanctions. LVMH initially built up a position in Hermes
from 2002 onward through the direct purchase of shares and through equity swaps over a Gucci cosmetic caseperiod of several years and decided to settle the transactions with actual shares instead of cash. LVMH eventually acquired 12% of Hermes through the equity swap contracts. is that counterfeit, fake and imitation luxury products are increasingly bothering the likes of Hermes, Louis Vuitton (LV), Dior, Gucci and Burberry in the country. And, despite a marked jump in the number of litigation, experts say the counterfeit market for luxury products is growing twice as fast as the luxury market in India, as new distribution channels such as online portals help such products reach a huge pool of consumers. Because of the fragmentation of the stake, LVMH was able to avoid, for a time, the legal obligation to reveal it, which usually becomes
necessary when an investor owns at least 5% of a company, according to French Gucci message bagmarket rules. Hermes's founding family immediately closed ranks and formed a holding company that controls the majority of Hermes's equity to ward off any takeover attempt. Hermes then filed a criminal complaint against LVMH earlier this year, alleging it used insider trading to acquire its stake. The claims led LVMH to file a complaint against the firm for slander and false accusations.