5% of the capital vanished into thin air, two inheritances in court, and a bird of prey circling, waiting for the first chance to feed
For a few years now, luxury has been riding high on the CAC 40, the Paris stock market’s flagship index. Between them, Kering, LVMH and Hermès are worth more than €560bn. That’s almost what the whole CAC was worth 15 years ago, and close to a quarter of its current market value. They are also among its best performers: +83% for LVMH over 5 years, +243% for Hermès, and all that despite the -43% of Kering, which has been suffering from Gucci’s setbacks since mid-2021.
Arnault (LVMH) and Pinault (Kering) are all over the media. Not so the Hermès family, which still owns and runs the family firm.
But for how long?
Because between a hidden son demanding his share and a tax-exiled cousin who has mislaid more than 5% of the capital, the Hermès family is looking more and more fragile. And out of the corner of his eye, Bernard is watching closely. He has been dreaming of swallowing the giant whole for 25 years.
Here’s the story of a saga as incredible as it is discreet.
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