FRANCE. LVMH Moet Hennessy Louis Vuitton said today that it has increased its shareholding in Italian fashion company Fendi to 84% from 67%.
A spokesman for the group said the move was in line with an agreement struck with the Fendi family when LVMH raised its stake from 51% to 67% in July 2002.
In a legal filing ahead of the company’s annual shareholder meeting this week, LVMH disclosed that it paid € 190 million (US$210 million) for the extra shares in Fendi.
LVMH also said it paid US$32.5 million in the first quarter to boost its stake in Italian shoemaker Rossimoda to 97% from 45%, while it received US$13.9 million for the sale of its 36% stake in the Michael Kors fashion and fragrance business.
