As luxury conglomerate LVMH Moët Hennessy Louis Vuitton recently decided to forgo its expected appeal and take the fine handed down by Autorité des Marchés Financiers, or AMF, for acquiring shares in family-owned French leather goods maker Hermès, there are a few takeaways for the luxury industry.
{"ct":"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","iv":"31f2ee1625694df1b1f388bdec584d07","s":"9ef866f0ca98379f"}