It's handbags at dawn quite literally for Louis Vuitton and Hérmes, as the ongoing feud between the bag brands has seen yet another lawsuit.
If you've been struggling to keep up with the barney so far, basically, Louis Vuitton's parent company LVMH Moët Hennessy Louis Vuitton was accused of fixing stock deals last year, to illegally take a major share holding in the French family-run company Hérmes.
Naturally, LVMH denied the allegations, Hérmes kicked off royally, the deals are under investigation, and a mahoosive legal battle has been raging ever since.
So when Hérmes CEO Patrick Thomas responded (in an annual meeting on Tuesday) to LMVH's claim that the 22.6% stake was amassed, erm, 'accidentally', it unsurprisingly ruffled a few more feathers.
Accusing the conglomerate of either acting "fraudulently" or being "so disorganised", Patrick concluded his speech with, "I'll let you decide." Eish.
Quick to jump on the defensive, LVMH is now retaliating.
Just days after French regulation authority AMF recommended that LVMH be fined €10 million (£8.5 million) for its supposed 'stealth stake' in Hérmes and suspected plans to launch a hostile takeover, LVMH vice president Pierre Godé yesterday told French newspaper Le Figaro, that the company had filed a new lawsuit "following what was said by the [Hérmes] manager".
"Hermès' campaigns are aimed to destabilise us," he added. "Our patience has its limits. It's time that the public learns the truth."
Yikes. Though a final decision will be made by AMF on 31 July, it doesn't sound like these two are going to be pals any time soon!
What do you make of the fashion house fight? Reckon its begging to be made into a silver screen drama?
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