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PARIS, March 5 (Xinhua) -- Global luxury group LVMH's involvement as a shareholder in Hermes "was neither required nor desirable," Patrick Thomas, chief executive officer (CEO) of French fashion brand Hermes, has told Xinhua.
"I do not think that shareholder can bring us much. We are simply saying that his involvement was neither required nor desirable," said Thomas, referring to LVMH's sudden purchase of Hermes' shares last October.
Last month, LVHM (Louis Vuitton Moet Hennessy) increased its stake in Hermes to more than 20 percent, prompting the Hermes family to be alert to a possible takeover by the conglomerate.
Though LVHM describes its move as an "unconditional support" without any intention to seek a board seat or a takeover, Thomas has viewed its arrival as "anything but friendly."
"The Hermes is not managed on financial principles," Thomas told Xinhua recently, "it is managed on the principle of the artifact in the best possible finish with the finest raw materials, with creativity as strong as possible that make people come into our stores and the strong assertion of the Hermes style."
The high-end fashion brand, founded in 1837 as a saddle shop in Paris, is characterized by "excellence craft", "creativity" and "style", which are delicately demonstrated in its every luxury goods, from leather bags to silk scarves.
"All these features have nothing to do with a group that is much younger, and which is essentially a financial strategy group," said Thomas, Hermes' first non-family CEO.