Autocross Blogs - Steven Johnson

The second handbag warThe second handbag war

ON HIS way to creating the world’s biggest Louis Vuitton outlet luxury group and becoming the richest man in France, Bernard Arnault has made a career of swallowing grand, family-owned businesses. Over the years he has picked many a fight with founders of luxury Louis Vuitton handbags outlet firms, or their heirs, who were unwilling to sell discount Louis Vuitton handbags. He also fought bitterly and unsuccessfully with François Pinault, his archrival, over the takeover of Gucci, an Italian fashion house. The French press called it the “handbag war”. Three months ago Mr Arnault began what may become his longest, most spectacular takeover battle yet. At the end of October his group, Moët Hennessy cheap Louis Vuitton handbags, announced that it had amassed a 17.1% stake in Hermès, a family-owned maker of silk scarves and expensive Louis Vuitton 2011 handbags. On December 21st LVMH said it had increased its stake to 20.2%. Mr Arnault’s offensive took the descendants of Thierry Hermès, a saddlemaker who founded the company in 1837, by surprise. LVMH on sale built the stake through cash-settled equity swaps with three banks that dated back to 2008, when the luxury industry was in a deep crisis. The use of these derivative contracts allowed Louis Vuitton wallets clearance to skirt disclosure requirements and produced a nice profit for Mr Arnault, who had bet on Hermès’s stellar rebound. The five dozen heirs who own 73% of Hermès are not happy about the intruder. They want the company to remain independent and keep its tradition of craftsmanship, which they fear would be lost in a big, commercially minded group like Louis Vuitton handbags clearance. On December 5th the family said they would create a holding company into which they would put 51% of Hermès’s shares. It would have the right to buy out any member wanting to sell his stake. This involves a financial sacrifice, since those who put their shares into the holding will surrender part of their dividends so they can be used to buy Louis Vuitton handbags out other members. Mr Arnault insists that his intentions are amicable. Louis Vuitton 2011 is aiming to be a supportive long-term shareholder of Hermès, and wants to contribute to the preservation of the group’s Frenchness and its family-firm attributes. The family retorts that if his intentions were amicable, he would sell and go away. Patrick Thomas, the chief executive of Hermès, maintains that it does not need help or advice from Louis Vuitton outlet store, pointing out that Hermès shares have done better than those of cheap Louis Vuitton wallets since Hermès went public in 1993.

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Love the new look of the site! Especially the way the top scrolls down...very professional!

Congratulations! And new ebook on car driving - http://www.ebook-search-queen.com/ebook/car-/car-drive.all.html

Alright!!!! Im Liking it! Dont do too good of a job otherwise Truong wont get back to work

BTW....that is the coolest auto on the planet

Go Steven. I am excited!

Awesome! Can't wait to watch some of the coverages!

LOL, yeah that's the 24 hours of Lemons car that I drove for Harris Hill Road. 1986 corolla with mr2 motor fully race prepped. RIP special Ed!

Hells yeah....nice whip steven.