LVMH, the world's leading luxury retailer, said Saturday it had taken a 14.2 percent stake in Hermes but denied it wanted to take over the French luxury goods firm. The company controlled by French businessman Bernard Arnault said it wanted to boost the stake to 17.1 percent at a total cost of 1.45 billion euros (two billion dollars) but was not seeking even representation on the Hermes board.
In a statement LVMH said that it holds 15,016,000 shares of Hermes International, with the objective "to be a long-term shareholder of Hermes and to contribute to the preservation of the family and French attributes which are at the heart of the global success of this iconic brand."