×
461
Fashion Jobs
ESME CONSUMER PVT.LTD
Area Sales Manager
Permanent · Asansol
SUN PHARMA
Manager - Project Management Office(Pmo)
Permanent · Guwahati
ESME CONSUMER PVT.LTD
Area Sales Manager
Permanent · Bengaluru
ESME CONSUMER PVT.LTD
Area Sales Manager
Permanent · Aurangabad
ADITYA BIRLA FINANCE
Sales Manager - Business Loan - Dsa Channel For Gujarat Location
Permanent · Bharuch
NATURES ESSENCE
Area Sales Manager
Permanent · Ahmedabad
DR LAL PATHLABS
Area Sales Manager- Haldwani | dr Lal Pathlabs
Permanent · Haldwani
360 REALTORS
Sales Team Leader/Area Sales Manager/Sales Manager
Permanent · Pune
NIKE
Lead Technical Product Manager, ed&a – Tpmo
Permanent · Bengaluru
PENNAR INDUSTRIES
Sales Manager - Solar Panel
Permanent · Hyderabad
ADIDAS
Manager Information Security
Permanent · GURUGRAM
ADIDAS
Senior Technology Consultant
Permanent · GURUGRAM
ADIDAS
Senior Technology Consultant
Permanent · GURUGRAM
ADIDAS
Senior Manager Information Security
Permanent · GURUGRAM
ADIDAS
Manager Information Security
Permanent · GURUGRAM
DANIEL WELLINGTON
IT Support Specialist
Permanent · NAVI MUMBAI
NIKE
Manager, Product Management, Partners & Marketplace Engineering – Tpmo
Permanent · Bengaluru
BAJAJ FINANCE
Area Sales Manager
Permanent · Bengaluru
CHAMPION JOINTINGS
Area Sales Manager - Banglore - Coimbatore - Chennai
Permanent · Mumbai
CHAMPION JOINTINGS
Area Sales Manager - Hyderabad - Vishakapatnam
Permanent · Mumbai
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Begusarai
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Begusarai
By
AFP
Published
Jul 1, 2013
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

LVMH fined 8 million euros over Hermes stake

By
AFP
Published
Jul 1, 2013

France's financial market regulator said Monday it had fined luxury conglomerate LVMH a record 8 million euros ($10.4 million) for failing to inform markets it was raising its stake in elite handbag and scarf maker Hermes.

"Taking into consideration the 'seriousness of the successive breaches of public disclosure requirements, which consisted in concealing each stage of LVMH's stakebuilding in Hermes', the Committee imposed an 8 million euro fine on LVMH," said a statement from the AMF regulator citing the decision.

LVMH immediately said it planned to appeal, calling the decision and amount of the fine imposed "totally unjustified".

The two companies have been locked in a bitter feud ever since LVMH, which owns Louis Vuitton and dozens of other luxury brands, revealed in late 2010 that it had secretly built up a 17-percent stake in the family-dominated Hermes.

LVMH, led by tycoon Bernard Arnault, later built this holding up to 22.6 percent prompting Hermes to cry foul and accuse Arnault of surreptitiously trying to add Hermes to his large stable of brands.

The AMF took issue with the way LVMH used swap agreements with three banks for amounts just below mandatory disclosure rules.

While it acknowledged that in isolation, none of the deals infringed disclosure rules, the AMF found there was no commercial justification for how they were structured and overall constituted a breach.

It said LVMH should have informed markets in 2008 and 2009 about the deals in its consolidated accounts as it had a responsibility to report preparations for transactions that would have an impact on share prices.

Moreover, LVMH should have disclosed the deals when it agreed in June 2010 to settle the swaps and acquire the shares in Hermes.

The decision by the AMF's enforcement committee said the "circumvention of the rules intended to ensure transparency, which is so vital to orderly markets, must be punished to the same extent as the disruption it causes."

The fine is a record for AMF, but less than the 10 million euros sought by its investigators.

Copyright © 2022 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.