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How Hermès got away from LVMH--and thrived

The Economist - 10 Sep 2020 16:56
IN THE AUTUMN of 2010 le tout Paris of business braced for the sad, if predictable, end of an era. After 173 years and six generations, Hermès, a purveyor of handbags to bankers and neckties to their husbands, was to become part of LVMH. The champagne-toevening-gowns mastodon, home to Louis Vuitton and Christian Dior, among many others, had disclosed a stake of 17% and rising. Bernard Arnault, LVMH's boss, with a knack for closing in on companies he admires, had only to pick off a few Hermès heirs ready to cash out. Bankers assumed the "wolf in cashmere" would take mere weeks to gobble up his elegant prey. Fast forward to autumn 2020, and...
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