LVMH Invests in Hermès

Paris.

LVMH the French luxury goods giants has bought a minority stake in the family-controlled Hermes business.

LVMH, the world’s biggest luxury goods company, said it had bought 15,016,000 shares of Hermès, or a 14.2 percent stake. 

LVMH said the total cost of the stakec would be €1.45 billion, or $2.02 billion.

“The objective of LVMH is to be a long-term shareholder of Hermès and to contribute to the preservation of the family and French attributes, which are at the heart of the global success of this iconic brand,” LVMH said in a statement Saturday.