LONDON (Brand Republic) 鈥 Italian fashion house Gucci has taken key shareholder LVMH to court in order to force it to sell its 21% stake in the company.
Gucci, which has just bought the Yves Saint Laurent brand, said luxury goods manufacturer LVMH鈥檚 share enables it to 鈥渉ave an influence鈥 over the company which puts it at odds with competition regulators.
It also claims the association with LVMH is affecting its share price and preventing it from growing within the luxury goods sector.
The court action is the latest twist in the battle to control Gucci. LVMH, run by French entrepreneur Bernard Arnault, took the 21% share in the company as a warm-up for a total takeover. Gucci looked for, and found, a rescuer in French retailer Pinault Printemps Redoute, which bought a 42% stake. LVMH went to court to get this annulled because the deal meant its stake in Gucci was diluted.