LVMH responds to accusations from the heir of Herms: Did not hold any "secret shares" in any form.

Luxury goods giant LVMH Group has issued a statement in response to the allegations against Nicolas Puech, the fifth-generation heir of Hermes, denying claims of "secretly acquiring Hermes shares" and emphasizing their intention to retain their legal rights to pursue action. LVMH stated that the group and its shareholders have never misappropriated Hermes shares in any form, nor have they held any "secret holdings". They also mentioned that Puech's allegations have been dismissed by Swiss courts multiple times. Recently, Puech filed a lawsuit against LVMH and related parties claiming that approximately 6 million Hermes shares, valued at around 14 billion euros, were fraudulently transferred without his knowledge by his long-time financial advisor to LVMH. This accusation has reignited the long-standing dispute over ownership between the two parties. In 2010, LVMH acquired an additional 23.2% of Hermes shares through the secondary market, which was perceived as a hostile takeover by the Hermes family. Ultimately, a settlement was reached in 2014 where LVMH promised to cease acquiring shares and gradually transfer ownership, and French courts ruled in 2015 that there would be no prosecution in relation to the dispute.