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LVMH vs Hermès

LVMH vs Hermès. Déborah AISSA – Martin DELENS - Hortense GAUDIN. QUESTIONS. Why HERMÈS did an IPO? What risks and rewards? How did LVMH acquired Hermès shares & avoid the French regulations? How the H51 will work and how long do you think it will last ?

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LVMH vs Hermès

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  1. LVMH vs Hermès Déborah AISSA – Martin DELENS - Hortense GAUDIN

  2. QUESTIONS • Why HERMÈS did an IPO? What risks and rewards? • How did LVMH acquired Hermès shares & avoid the French regulations? • How the H51 will work and how long do you think it will last? • Recent development of the case

  3. INTRODUCTION

  4. INTRODUCTION Created in 1837

  5. HERMÈS INTERNATIONAL IPO • In 1993 they listed 25% of its voting shares : • Support the long term development of the company • Make shares easier to trade for the shareholders • Can we go a « little public » ? • IPO Open the door to news investors

  6. HERMÈS INTERNATIONAL IPO

  7. The 12 year secret plan of LVMH • French Regulations • The symbolic line of 5% • The Mercury Project • 2006: the plan of Natixis (cash settled equity swaps) • 2010: the official announcement

  8. RECENT NEWS • LVMHconviction: 8 millions euros fine by the AMF • Accusation: hidden all stages of a stake in the capital of Hermes • LVMH has decided to not appeal his conviction • A criminal complaint filed byHermès against LVMH is under investigation

  9. THANK YOU FOR YOUR ATTENTION

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