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LVMH takes 14% stake in rival Hermès

LVMH, the luxury goods group behind Louis Vuitton and Marc Jacobs, has bought a 14.2% stake in French luxury goods group Hermès for $1.45bn (£1.3bn).

LVMH said it does not plan to take control of Hermès or to seek board representation, but the business has the option to increase its share to 17.1%.

Hermès family members own more than 70% of Hermès.

Earlier this month LVMH reported a 26% rise in third-quarter sales in its fashion and leather goods division. Total sales increased 23% to €5.11bn (£4.49bn) in the three months to September 30.

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