Storm brews in LVMH and Gucci/PPR dispute

Print Article E-Mail Article

LVMH Moët Hennessy-Louis Vuitton recently announced that the Dutch Supreme Court has annulled a decision which authorised the PPR/Gucci agreement of March 1999, a move which diluted LVMH?s stake in Gucci. But a Gucci Group representative responded by saying the LVMH announcement was misleading. "The release LVMH has issued is incorrect and contradicts what the Supreme Court actually said. One of the Supreme Court?s representatives clarified that the existing Gucci/PPR deal remains unchanged."

Gucci president and ceo Domenico de Sole said: "The Enterprise Chamber recognised that Gucci had the right to defend itself against a creeping takeover attempt by a direct competitor and upheld the legality of the strategic alliance."