The Hermès family announced a few weeks ago that they were planning to protect their company from a hostile takeover by LVMH by funneling a majority of their shares into a non-listed holding company where Bernard Arnault can't get his grubby hands on them. And behold, between attending Christmas parties and weddings all month, the family's three branches of shareholding members managed to gather on Friday and place over 50 percent of the company's capital in the unnamed entity. Just because they've relocated their shares doesn't mean that they'll have any less control over them, though: “This internal reclassification will have no impact on the family’s involvement in the capital of Hermès International, nor on the powers of its limited partnership,” the family said in a statement.
There's one catch: The French government usually requires companies to launch a public offering if they pool their shares into a bloc larger then one third, so there could be some legal trouble ahead, since the Hermès family will obviously do no such thing.
Family Boosts Hermès Defenses [WSJ]
Earlier: Hermès’s CEO Calls It ‘the Pretty Flower’ That LVMH Could ‘Kill’
Most Viewed Stories
Mary-Kate Olsen Strains Every Muscle in Her Face in an Attempt to Smile
The Fashion Executive Who Doesn’t Wear Underwear on Dates
25 Famous Women on Being Alone
22 Intimate Lost Photos of Marilyn Monroe
Prince George Has No Time for Justin Trudeau’s High Fives
How Angelina Jolie Won the First Big Battle in Her Divorce
It’s Time to Get Over Your White Feelings and Start Taking Action for Black Lives
2009 Called — It Wants Its Vogue-Versus-Bloggers Fight Back.
Madame Clairevoyant: Horoscopes for the Week of September 26
The Will & Grace Reunion Was Intensely Documented for Social Media
From Our Partners
powered by PubExchange
Latest News from The CutArea Woman Interrupted By Man 25 Times in 26 Minutes
Lester Holt also interrupted Hillary Clinton 15 times.Hillary Clinton’s Sickest Debate Burns
She eviscerated Trump.Naomi Watts and Liev Schreiber Are Separating After 11 Years Together
“The best way forward for us as a family is to separate as a couple.”Outrageous Party Photos From Andy Warhol’s Factory Days
Preview the book Brigid Berlin: Polaroids.Morning Sickness May Suck, But It’s Actually a Sign of a Healthy Pregnancy
An upside to the nausea.2009 Called — It Wants Its Vogue-Versus-Bloggers Fight Back.
Vogue called blogging “pathetic,” and bloggers were not pleased.I Can’t Believe I Like This Victoria’s Secret Beauty Product
And why you’ll love it, too.Cheap Thrill: The Perfect Pair of High-Waisted Jeans
Swedish denim label Dr. Denim is here to make denim shopping a lot easier.Vanderpump Rules Drama Is the Only Constant in This Crazy Thing We Call Life
Season five arrives on November 7.Emily Kinney on Life After The Walking Dead
Her new show Conviction premieres next Monday on ABC.
We dug through the internet to bring you some great deals.Here’s One Reason Why Women Are Underrepresented in Politics
It starts at the local level.Rob Kardashian Meets Chyna’s Parents and They All Take a Trip to a Strip Club
They also have a Fourth of July block party.My Favorite Fruit-Shaped Hand Cream Doubles As a Pill Holder
Can also hold gum, almonds, and paper-clips.Mary-Kate Olsen Strains Every Muscle in Her Face in an Attempt to Smile
It was a good effort.A Weekend of Hair Envy With Rubi Jones
Including an impromptu Weasley family look for a Potter-themed party.All It Took for Anti-Vaxxer to Admit She Was Wrong Was Her Entire Family Getting Sick
Rotavirus made her change her tune.Aparna Nancherla on Sad Girl Twitter, Period Tech, and Vocal Fry
The comedian has a new season of Womanhood coming out soon.Tom Hiddleston Caught Deep in Conversation With a Dog
Hiddleston's canine companions steal the show in his new Gucci ads.More of the Best Street Style From Milan Fashion Week
Sleeveless fur, seashell coats, and Jourdan Dunn in schoolgirl plaid.