LVMH, the luxury goods group behind Louis Vuitton and Marc Jacobs, has bought a further 3.14% stake in French luxury goods group Hermès taking its total shareholding to 20.21%.
According to reports LVMH told French stock market regulator AMF this week that it had bought a further 3.3 million shares in Hermès.
A LVMH spokesperson said: “We had an opportunity to buy on the market and we bought.”
The Financial Times said LVMH is thought to have bought shares from institutional investors no longer able to hold shares in their portfolios following a sharp reduction in the free float.
Earlier this month it was reported that Hermès family shareholders held talks in an attempt to oppose Bernard Arnault, head of LVMH, buying further shares in the company.
This came after LVMH built a 17.1% stake in Hermès in October, triggering speculation that company was interested in taking control of Hermès.