LVMH Increases portfolio Rival Hermes move "opportunistic"
LVMH Moet Hennessy Louis Vuitton SA (MC), the largest maker of luxury goods in the world, said that his participation in Hermes International (RMS) SCA to 23.1 percent from 22.6 percent, he to as "opportunistic moving. "
"That's not to say something on our attitude to the future, if you can not extrapolate that to the rest of the year," Chief Financial Officer Jean-Jacques Guiony said during a conference call.
Paris-based LVMH increased its stake in the maker of Birkin bags in the first six months of 2013, published by the consolidated interim financial statements of LVMH yesterday. On 30 Applied in June, the price of Hermes action to improve the investment was € 248 LVMH said. Hermes was trading at € 254.55 from 16.18 clock in Paris today.
Hermes has repeatedly called on LVMH to reduce the game, he established in 2010 after the conversion Regulation cash equity swaps. Regulator of financial markets LVMH France condemns € 8 million ($ 10.6 million) This Month disclosure rules violations. LVMH, which wants to appeal the decision, said he had done nothing wrong after the purchase of equity derivatives of Hermes shares in 2008.
LVMH, agreed this month to pay $ 2 billion to 80 percent Italian clothier Loro Piana cashmere SpA, said today that he does not need to sell its stake in Hermes fuel growth in other parts of their business.
"Time will show," said Guiony. "We are very pleased with the performance of the company Hermes so there is no extra pressure on our side."
Hermes last week reported a 16 percent rise in quarterly revenues, excluding currency fluctuations, sales of Kelly handbags and other goods rose in Asia and America. LVMH said yesterday that growth on comparable sales in the second quarter to 9 percent, sending shares up 4.5 percent.