LVMH on Wednesday reiterated it had never misappropriated the shares of Hermes heir Nicolas Puech when it built up a stake in its rival.

"LVMH and its (controlling) shareholder firmly reaffirm that they never, at any time, misappropriated shares of Hermes International, in any way whatsoever or without anyone's knowledge, and ⁠that they do not hold any "hidden" shares, contrary to what Mr Nicolas Puech suggests," the company said in a ⁠statement.

Reuters this week reported Puech has sued LVMH CEO and controlling shareholder Bernard Arnault and his LVMH luxury conglomerate, along with his former wealth manager Eric ‍Freymond and some ‌affiliated companies, in a civil case related to his claim that ⁠he was deprived of ‌Hermes shares now worth billions of euros. Puech could not be ‌imm

See Full Page