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How the Hermes Family Held Onto Control Through a Holding Company
Episode 117 of Family Business Stories explores how the Hermès family preserved control of the luxury house through a unique holding structure. In 2022, the family faced a hostile takeover attempt from Bernard Arnault's LVMH. Rather than sell, they locked down voting rights by converting shares into a limited partnership called H51, which held 64% of the shares and 73% of voting rights. We break down the mechanics: how the family used a partnership structure with non-transferable shares to prevent external takeover, and why this might be a more durable model than the dual-class share…
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