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":"4ee956846729dcf8bf503b1a1d7722e6","s":"2c8bda56a05f5130"}