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Investing.com -- LVMH firmly denied on Wednesday that it had ever misappropriated shares of luxury rival Hermes when building its stake in the company, directly countering allegations made by Hermes heir Nicolas Puech.
"LVMH and its controlling shareholder firmly reaffirm that they never, at any time, misappropriated shares of Hermes International , in any way whatsoever or without anyone’s knowledge, and that they do not hold any ’hidden’ shares, contrary to what Mr Nicolas Puech suggests," the French luxury conglomerate said in a statement.
The company, which owns brands including Louis Vuitton and Dior, also stated that it reserves the right to take any necessary action to assert its rights in the matter.
The statement comes in response to suggestions from Puech, a Hermes heir, that LVMH had improperly acquired Hermes shares. LVMH had previously built up a significant stake in Hermes, its luxury sector competitor.
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