Photo

Thu, 23 May 2013 10:58:42 -0400

Photo

Thu, 23 May 2013 10:58:01 -0400

The Johannesburg Theatre photographed by Yves

Thu, 23 May 2013 10:56:53 -0400

The Johannesburg Theatre photographed by Yves

Photo

Thu, 23 May 2013 10:54:58 -0400

Photo

Thu, 23 May 2013 10:53:39 -0400

Photo

Thu, 23 May 2013 10:52:32 -0400

Photo

Thu, 23 May 2013 10:50:43 -0400

The Johannesburg Theatre by Yves

Thu, 23 May 2013 10:49:11 -0400

The Johannesburg Theatre by Yves

By Yves for PVRVE Printemps/Eté

Thu, 23 May 2013 05:47:48 -0400

By Yves for PVRVE Printemps/Eté

"Jacking girls’ earrings and using them as brooches on jackets. As a real nigga should."

Thu, 23 May 2013 05:46:30 -0400

“Jacking girls’ earrings and using them as brooches on jackets. As a real nigga should.”

- Yves

Photo

Wed, 22 May 2013 06:32:51 -0400

Yves by Yves for PVRVE Spring/Summer Issue

Wed, 22 May 2013 06:27:53 -0400

Yves by Yves for PVRVE Spring/Summer Issue

Photo

Tue, 21 May 2013 14:34:00 -0400

Photo

Tue, 21 May 2013 13:43:42 -0400

"Future Artistic Director for SAINT LAURENT Paris"

Tue, 21 May 2013 03:49:01 -0400

““Future Artistic Director for SAINT LAURENT Paris””

- Yves

"“We had not expected to be shareholders of Hermes. We made a financial investment and it is..."

Mon, 20 May 2013 05:41:50 -0400

“

“We had not expected to be shareholders of Hermes. We made a financial investment and it is settled in a way that we had not anticipated.” Listening to Bernard Arnault , the 18 April at General Assembly of the group could believe that happened by chance LVMH capital of Hermes.

The reality is quite different. For nearly ten years, the world’s number one luxury painstakingly, patiently and secretly organized his rise within the manufacturer’s Kelly bag. Biggest names in finance, reputed law firms, tax havens, complex assemblies … LVMH did not skimp on the means to achieve its ends.
This is what emerges from the survey conducted, two and half years, the stock market authority (AMF) on the operations performed by the LVMH as Hermes. And the adjoining 115-page report that Le Monde consulted.

The Sanctions Committee of the “gendarme” markets will meet on May 31 to discuss the allegations against LVMH accused of concealing the market and insincerity accounts. If any penalty should be imposed against the group of Bernard Arnault, she probably would occur this summer.

Auditions dozens of witnesses, analysis of a hundred contracts, reading thousands of letters and emails … The report of the AMF, Sophie Baranger and Laurent Combourieu have reconstituted the menu how LVMH came hidden in the capital of Hermes, without immersing leaves no trace in his accounts. A rise that instead discover, stunned, October 23, 2010, when the group announced to hold 14.2% of Hermes and be able to climb to 17.1%.

POLAR CRISPY

Once a shareholder crosses the 5% threshold, 10%, 15% … a listed company, it is nevertheless required to make a prior declaration of threshold crossing. Especially, in this case, the statutes require Hermes to make public any increase in capital of 0.5%. LVMH now holds 22.3% and claims to be perfectly remained within the law.

The voluminous work of the MFA can read - sometimes - as a crisp thriller. Diving in the heart of a decade of top-secret conspiracy which ends with the grip of LVMH Hermes.

In 2001 and 2002, headed by Bernard Arnault Group acquires 4.9% of Hermes through its Luxembourg subsidiaries, Hannibal, and American, Altair, located in the State of Delaware, known for its attractive tax. The shares held by Altair will partly transferred to another tax haven, Panama, in the company s Ashbury Finance , Bratton Management and Business Ivelford .

The AMF investigation noted that “the consolidated financial statements does not include any information on these titles element” . Hermes shares are nowhere. They are “in contravention of international standards” , integrated into headings “Financial investments” or “other non-current assets” . While LVMH has made no secret of 3.5% of the Italian luxury group Tod’s then held.

In 2006, when Jean-Louis Dumas , the iconic head of Hermes for 28 years, suffering from an incurable disease, is forced to move by hand, Bernard Arnault is on the offensive. On 18 December 2006, LVMH launches extensive with Rothschild & Company and the law firm Bredin Prat-on very specific scenarios studies “takeover of Hermes” .

PROJECT “MERCURY” (FOR HERMES)

Meetings succeed Avenue Montaigne, at the headquarters of LVMH. Pierre Gode, vice president of the group and behind Mr. Arnault and Nicolas Bazire , former managing partner of Rothschild and director of LVMH, work on the project “Mercury” (for Hermès).

In memos that relate these meetings, LVMH is called there “Lithium” , the lightest known metals. Rothschild summarizes the logic of the operation: “Just as the family disintegrates and if you find a family partner, then the structural balances will change ” .

Two meetings, on 13 February 2007 and 18 March 2008, refining strategies considering a purchase of a block of shares in the family “partner” (10%) and removal in exchange for 18% stake in Hermes ( which only 22.5% are in the market). Finally, this is not the path that will be explored. Asked by the AMF, Pierre God é considers that it was that “successive pitches of the bank” purely “abstract” .

At the same time, LVMH began to speculate on the Hermes action with the aim this time, the group said on Avenue Montaigne, not pick up titles but to reap nice gains. As if there were no other values on which to speculate.

The installation is complex. It is proposed to him in 2007 by the Irish subsidiary of Natixis, Netgen, and involves use of ” equity swaps cash settled “, opaque financial instruments that can play on a title that the group will never possess.

BUY SECURITIES IN STAR HERMES

Thus, financial management organizes - through its Hong Kong and Luxembourg subsidiaries Hannibal Harmony Capital , including the AMF said they are not mentioned anywhere in the accounts of LVMH - purchase of securities Hermes star, dividing shareholdings between three banks. So that none passes the threshold of 5% sensitive.

Nexgen, through equity swap baptized Harry 1 and 2 Harry holds 4.7% stake in Hermes, Societe Generale 4.5% and investment subsidiary of Credit Agricole (CICAB) 3% via Gold 1 and Gold2. This technique considers the AMF has “appropriate effect will give no clear information on the individual and equity swaps and to make undetectable ble by the public ” .

In June 2010, a month after the death of Jean-Louis Dumas, LVMH goes on the attack and asked the three banks change the way originally planned settlement swaps. The group wants to be paid in shares Hermes and not in cash. By July, the matter is settled with Rothschild same press releases are written, and the means of defense Hermes can put in place are scrutinized. There are more than the set to music.

Before going further, and move the plan into action, LVMH asked Lazard to appraise the scenario before presenting it to the board. Not surprisingly, the investment bank - which, she called the operation “Cézanne” - calls to unwind in advance the operation of equity swaps not in money, but in deed.

LVMH administrators are informed on 21 October 2010 acquisition since 2001, securities Hermes and the existence of equity swap. After reading the recommendations of Lazard, they give their unanimous agreement. Two days later, LVMH is his coming out. To everyone’s amazement.

At LVMH passage had acquired 85 euros per share Hermes realizes a potential value of one billion euros since the title Hermes is 182 euros in October 2010. This gain, the current price has doubled. Which could harm the small shareholders who sold in 2008: if LVMH bought directly, without the intermediary of banks during the Hermes was much higher.

For the AMF, the combination of these factors “finds its meaning in the preparation of a rise in the capital of Hermes” . The rapporteurs have little faith in the idea of a “single economic exposure to Hermes” developed by LVMH, saw “the hidden character of the 4.9% of Hermes” , the use of equity swaps, and interventions Lazard and Rothschild . There was therefore “stock failure”? The issue could be decided by the Sanctions Committee.

“LVMH vigorously contests the findings of the report”

“The Sanctions Committee of the AMF will meet on May 31 to hear the defense of LVMH and decide on only two complaints - non-criminal - made by the management of investigations, namely the accounting presentation of Hermes and the ELS time market information. Meanwhile, LVMH will respect the rule of confidentiality of investigations. Others who have purchased illegally the following report describes and do not hesitate to contact your newspaper do not share the same ethics. they must answer for their actions before the criminal judge. LVMH intends to contest vigorously the conclusions contained in this report, both in terms of due process that the facts and their legal qualification. The Sanctions Committee, in the sole authority to judge , not sanctions after having examined each of the pleas in defense of LVMH. while She can see the lack of LVMH’s share of any breach of the law and regulations of the AMF. “

Nicole Vulser

”

- Le Monde

Photo

Fri, 17 May 2013 20:34:41 -0400

By Yves

Fri, 17 May 2013 20:34:19 -0400

By Yves

Photo

Fri, 17 May 2013 20:23:12 -0400

2 AM

Fri, 17 May 2013 20:22:26 -0400

2 AM

AFTERDEF MUSEUM

Photo

Photo

The Johannesburg Theatre photographed by Yves

Photo

Photo

Photo

Photo

The Johannesburg Theatre by Yves

By Yves for PVRVE Printemps/Eté

"Jacking girls’ earrings and using them as brooches on jackets. As a real nigga should."

Photo

Yves by Yves for PVRVE Spring/Summer Issue

Photo

Photo

"Future Artistic Director for SAINT LAURENT Paris"

"“We had not expected to be shareholders of Hermes. We made ​​a financial investment and it is..."

Photo

By Yves

Photo

2 AM

"“We had not expected to be shareholders of Hermes. We made a financial investment and it is..."