The first part of Louis Vuitton parent company LVMH's fierce legal battle with fellow luxury handbag brand Hermes has today culminated in a €8 million fine, after regulators decided in favour of Hermes' claims.
After much name calling, accusation throwing and general slinging of verbal mud, French regulatory board AMF condemned LVMH for 'failing to follow market rules', when it discretely accumulated a significant stake in Hermes stocks.
Citing the "seriousness of the successive breaches of public disclosure requirements, which consisted in concealing each stage of LVMH's stake-building in Hermes," as the fuel behind the hefty fine, the AMF appear to be in no doubt that there's been foul play.
LVMH however, continues to disagree. Brandin both the claim and punishment to be 'unfounded', the conglomerate has said it will appeal against the decision, despite further cases being already lodged against it by, yep you guessed it, Hermes.
Though this chapter may be settled for now, expect more drama as the cases continue to pile up! Thoughts?
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