Hermes files legal complaint over LVMH stock buy

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.

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