LVMH vs Hermès
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Transcript of LVMH vs Hermès
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Déborah AISSA – Martin DELENS - Hortense GAUDIN
LVMH vs Hermès
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1. Why HERMÈS did an IPO? What risks and rewards?
2. How did LVMH acquired Hermès shares & avoid the French regulations?
3. How the H51 will work and how long do you think it will last?
4. Recent development of the case
QUESTIONS
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INTRODUCTION
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INTRODUCTION
Created in 1837
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In 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
HERMÈS INTERNATIONAL IPO
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RISKS REWARDS Weaken the family control Hostile acquisition Cultural and management
differences/ incompatibility Artisanal essence
compromised Activities fragmented Brand image ruined
Expand the company Increase its way of financing Enriched the family
members Since the IPO :- Turnover x 8- Operating Result x 23
HERMÈS INTERNATIONAL IPO
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French Regulations
The symbolic line of 5% The Mercury Project 2006: the plan of Natixis (cash settled equity swaps) 2010: the official announcement
THE 12 YEAR SECRET PLAN OF LVMH
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LVMH conviction: 8 millions euros fine by the AMF Accusation: hidden all stages of a stake in the capital of
Hermes LVMH has decided to not appeal his conviction A criminal complaint filed by Hermès against LVMH is
under investigation
RECENT NEWS
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THANK YOU FOR YOUR ATTENTION