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LVMH grows stake in Hermès

LVMH, the luxury group behind Louis Vuitton, has increased its stake in luxury business Hermès to 17.1% after buying shares in the company last week.

LVMH bought a 14.2% stake in Hermès for $1.45bn (£1.3bn) at the end of last week, with the option to increase its share to 17.1%.

LVMH said that it did not plan to take control of Hermès.

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