High-end French retailer Hermes said Tuesday that it has filed a legal complaint over the manner in which luxury giant and rival LVMH bought a stake in the company in 2010.
In a brief statement, Hermes said it had filed a complaint against LVMH on July 10.
“This complaint relates to the terms in which LVMH became a stakeholder in Hermes International,” Hermes said.
A judicial source said the complaint was for insider trading, collusion and price manipulation. It is still being studied by Paris prosecutors, the source said.
In a surprise move that riled members of the Hermes family, LVMH bought a 17-percent stake in the leather bag and silk scarf maker in 2010. That holding reached 22.28 percent by the end of May.
LVMH is controlled by billionaire businessman Bernard Arnault.