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LVMH on Wednesday reiterated it had never misappropriated the shares of Hermès 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 Hermès 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 Hermès shares now worth billions of euros.
Puech could not be immediately be reached for comment.
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The lawsuit is linked to a criminal investigation currently underway in France.
LVMH in its statement called recent media reports about its possible implication in the case a “clearly coordinated press campaign.”
Puech was once among Hermès’ largest individual shareholders. Last week, he claimed in a rare interview with L’Express he had no knowledge that Freymond was moving Hermès shares in his name, allegedly for Arnault’s benefit.
French paper Le Canard Enchaine reported this week that Arnault was soon due to be interviewed by investigative judges in Paris, without specifying the date. His spokesperson did not reply to a request for comment on the report.
The Paris public prosecutor’s office told Reuters on Tuesday that so far, only Freymond had been placed under formal investigation. Arnault and his companies have not been placed under formal investigation, it added.
By Tassilo Hummel; Editor: Benoit Van Overstraeten
Learn more:
Hermès Heir Takes Aim at LVMH’s Arnault in Civil Lawsuit
Nicolas Puech has filed a civil lawsuit against Bernard Arnault and LVMH, alleging he was deprived of Hermès shares now worth billions, court documents show.
Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholders’ documentation guaranteeing BoF’s complete editorial independence.
