Bertrand Puech, who manages the Hermès family’s involvement in the label, described LVMH’s unwanted acquisition of 17.1 percent of the company’s stake in an interview on Tuesday: “It’s like a mosquito buzzing around, and it’s annoying. But it’s very difficult to get a mosquito out.” While the French government investigates LVMH’s sneaky buying tactics, the Hermès family met last week for the first time since LVMH’s surprise purchase last month and voted unanimously to retain control of the company, of which they still own 73 percent. At the same meeting, the family decided to funnel their shares into an unlisted holding company so that they don’t unknowingly sell their stocks to LVMH like they did the first time around. This won’t take place for a while, however, because the family’s busy holiday schedule takes precedence over strategizing, according to Peuch. “There are weddings and Christmas parties, but there are no meetings planned,” he said.
Hermès Likens LVMH to ‘a Mosquito Buzzing Around’
