LVMH Denies Puech Hermès Stake Interest as Zenith Weighs Swiss Cuts

LVMH has flatly rejected a report that it wants to buy Nicolas Puech's stake in Hermès, pushing back on a Le Monde story published Friday that surfaced amid a judicial probe into shares belonging to the Hermès heir that have reportedly gone missing. The denial lands alongside a separate, unrelated disclosure: the luxury group's own share buybacks, detailed in a regulatory notice Tuesday covering repurchases made between October 19 and 23, with the stated purpose of cancelling the stock under a program approved on April 23.

The two threads — a criminal investigation touching LVMH's history with Hermès stock and a routine capital measure involving LVMH's own equity — concern entirely different matters and should not be conflated, the company's filings imply.

A Witness, Not a Defendant

At the center of the Le Monde account is Jean-Jacques Guiony, an LVMH executive questioned as a voluntary witness by an investigating magistrate about the group's historical purchases of Hermès shares. The probe itself focuses on stock that Puech's former wealth manager is alleged to have sold. LVMH has denied any intention of taking over Puech's holding.

For investors, the gap between what is being investigated and what has actually been established matters. The report describes a witness interview and the company's position — nothing more. It does not demonstrate any unlawful acquisition by LVMH, nor does it assign the group responsibility for the missing shares. The rejection of takeover intent is likewise the company's own statement, not a court finding.

Should investors sell immediately? Or is it worth buying LVMH?

Brand Moves on Two Fronts

Away from the legal headlines, LVMH is reshaping its brands. At Louis Vuitton, Hector Muelas steps into the newly created role of Chief Brand Creative Officer today, taking charge of creative brand communications and campaigns and reporting to deputy CEO Damien Bertrand, according to media reports. The appointment was announced on October 23. It gives the brand's creative presentation its own leadership post — a decision about marketing and campaigns, not a signal of recovering demand or rising sales.

Zenith, the group's watchmaker, is charting a different course. It began employee consultations on October 23 over a strategic repositioning, and Reuters, citing a person close to the company, reported that as many as half of the Swiss workforce could be affected. That figure describes a possibility under discussion, not a completed cut. Consultations mark an ongoing process; they neither confirm a final reduction nor imply any earnings improvement.

The Quarter Behind the Headlines

The operating backdrop was laid out roughly two weeks ago. LVMH posted third-quarter 2026 revenue of EUR 18.504 billion, with organic growth of 1%. The fashion and leather goods division shrank 5% on an organic basis, capping what the group-wide figure could convey. By region, Asia revenue fell 5% year on year while the US business advanced 5%, and LVMH pointed to a less dynamic Chinese environment.

That split explains why demand in China looms so large in any reading of the business. Brand-level initiatives — polishing Louis Vuitton's image, rethinking Zenith's positioning — sit alongside a still-challenging trading climate, and neither the appointments nor the consultations offer evidence of an operational recovery on their own. Investors are left with two distinct yardsticks: how the historical Hermès share dealings are clarified, and how the underlying business develops. The witness interview says nothing about the latter.

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