LVMH in Pact to Manage DFS With Miller
LVMH Moet Hennessy Louis Vuitton said it will manage DFS Group Ltd. together with Robert Miller instead of buying the New York billionaire’s 38.75% stake in the duty-free retailer. As a result, LVMH won’t own a 75% DFS stake, which would have triggered a requirement to make major changes in the 180-store duty-free chain under an agreement with Miller that it signed in December. LVMH has a 61.25% stake in San Francisco-based DFS. Miller said that the French maker of Louis Vuitton leather bags reneged on a Feb. 3 agreement in principle to acquire his DFS shares and said he expects to take legal action.
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