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LVMH vs Hermès

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LVMH vs Hermès. Déborah AISSA – Martin DELENS - Hortense GAUDIN . QUESTIONS. Why HERMÈS did an IPO? What risks and rewards? How did LVMH acquired Hermès shares & avoid the French regulations? How the H51 will work and how long do you think it will last ? - PowerPoint PPT Presentation

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Dborah AISSA Martin DELENS - Hortense GAUDIN LVMH vs Herms

Why HERMS did an IPO? What risks and rewards?

How did LVMH acquired Herms shares & avoid the French regulations?

How the H51 will work and how long do you think it will last?

Recent development of the case

QUESTIONS

INTRODUCTION

INTRODUCTION

Created in 1837In 1993 they listed 25% of its voting shares :Support the long term development of the company Make shares easier to trade for the shareholders

Can we go a little public ?IPO Open the door to news investors

HERMS INTERNATIONAL IPO

5RISKSREWARDSWeaken the family control Hostile acquisition Cultural and management differences/ incompatibilityArtisanal essence compromisedActivities fragmented Brand image ruined

Expand the companyIncrease its way of financingEnriched the family membersSince the IPO :Turnover x 8 Operating Result x 23

HERMS INTERNATIONAL IPO6French Regulations

The symbolic line of 5%The Mercury Project2006: the plan of Natixis (cash settled equity swaps)2010: the official announcement

The 12 year secret plan of LVMH

9LVMH conviction: 8 millions euros fine by the AMFAccusation: hidden all stages of a stake in the capital of HermesLVMH has decided to not appeal his convictionA criminal complaint filed by Herms against LVMH is under investigation

RECENT NEWS

THANK YOU FOR YOUR ATTENTION

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