Louis Vuitton Chief Quits After Losing Court Plea
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Henry Racamier has resigned as head of the Louis Vuitton luxury baggage maker after a Paris court of appeals annulled a bond issue representing 12% of the capital of Louis Vuitton’s parent company, Moet Hennessy Louis Vuitton.
Racamier’s resignation and that of other Louis Vuitton executives brought to an end a yearlong battle between the Louis Vuitton head and Bernard Arnault, the president of Moet Hennessy, the world’s largest maker of luxury products.
Louis Vuitton is 98% owned by Moet Hennessy.
“We can only accept this decision, which eliminates the last obstacle that prevented Bernard Arnault from obtaining the objective he has pursued for over a year--to eliminate the current directors of the Louis Vuitton group so he can exercise total control,” Racamier said in a statement.
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