Hermès: Handbag Heritage Under Assault
The luxury brand remains under tight control by the Hermès heirs, who have scattered across three continents to pursue careers as varied as deejaying, motorcycle sales, and investment banking. And they want nothing to do with their new minority shareholder. Bernard Arnault is the head of LVMH Moët Hennessy Louis Vuitton and the fourth-richest man in the world. He has met, and overcome, resistance to his maneuvers before. He built LVMH into the No. 1 luxury group in the world by taking control—sometimes brutally—of more than 50 brands, including storied names such as Louis Vuitton, Givenchy, and Guerlain. Just this month he reeled in Bulgari, a 127-year-old Italian jewelry and watch company, once its family owners agreed to sell after a years-long courtship.