LVMH won’t fight fine in Hermes deal
PARIS (AP) — French luxury goods giant LVMH Moet Hennessy Louis Vuitton says it won’t fight a fine imposed by the market regulator for delaying its disclosure of a stake in handbag and scarf maker Hermes.
The AMF has said LVMH was too slow to reveal its stake and said this summer it would fine the company 8 million euros ($10.54 million). Large transactions must be disclosed quickly since they can affect share prices.
While maintaining it has done no wrong, LVMH said in a statement Tuesday that it would be irresponsible and costly to pursue an appeal.
LVMH raised its stake in Hermes to 14.2 percent in 2010, to the apparent dismay of the Hermes family. LVMH said it will continue to fight Hermes’ accusations that it engaged in insider trading.