Gucci Says LVMH Has 26.7 Pct. Stake
MILAN, Italy (AP) _ Gucci Group said Sunday that LVMH Moet Hennessy Louis Vuitton SA has disclosed it holds about a 26.7 percent stake in the Italian fashion house.
``We intend to continue to manage the company independently, in a way that maximizes long-term growth and value for shareholders,″ Gucci president and chief executive officer Domenico De Sole said in a statement.
LVMH said last week that ``in the present circumstances it has no plans of making a tender offer for shares of Gucci Group.″ But Italian daily Corriere della Sera reported Sunday that an LVMH spokesperson wouldn’t rule out an increase in the French company’s stake.
On Jan. 12, LVMH acquired the 9.5 percent stake that fashion house Prada held in Gucci.
Gucci has said it wasn’t consulted regarding LVMH’s purchases of Gucci shares from Prada.
LVMH late Friday reported its full Gucci stake to the Securities and Exchange Commission.
Because LVMH and Gucci are both listed on the New York Stock Exchange, LVMH’s purchase of shares in Gucci last week requires the French luxury goods and spirits group to abide by U.S. disclosure rules. Those rules state that investments of more than 5 percent in a publicly listed company be accompanied by statements of intentions to the SEC.
Gucci shares also are listed on the Amsterdam Stock Exchange.