P. M. BRIEFING : Japanese Buy 1.2% of Hermes
<i> From Times Wire Services</i>
PARIS —
Hermes, the former saddle maker that grew into a global seller of fine silk scarves and luxury leather goods, announced today that the Japanese conglomerate Sumitomo has acquired a 1.2% stake in the company.
It did not release further details of the purchase, but the financial daily Tribune de l’Expansion reported that Sumitomo bought the small stake for $18 million.
The four daughters of Hermes founder Emile Hermes have 17 children, and together the family holds 90.3% of the company.
Sumitomo got its foot in the door when the 9.7% stake not in family hands was sold by three French banks that held the shares. Hermes did not disclose the names of any of the other new holders.
