French luxury conglomerate LVMH reiterated on Wednesday that it never misappropriated any shares belonging to Hermès International SA heir Nicolas Puech during its acquisition of stakes in the rival company.

In a statement, the company said: "For weeks, a seemingly coordinated media campaign has targeted LVMH. The group has long faced baseless accusations from certain critics or public figures who often leverage their fame for personal gain. LVMH has consistently chosen not to engage in or escalate disputes through public commentary or systematic litigation. However, recent reports have circulated unfounded allegations, attempting to reinterpret the methods and conditions of LVMH’s investment in Hermès over fifteen years ago."

"LVMH and its controlling shareholders firmly reiterate that they never, at any time or in any manner, misappropriated Hermès International shares without the knowledge of relevant parties. They also hold no 'hidden' stakes, contrary to Nicolas Puech’s claims."

On December 2, 82-year-old Nicolas Puech, the fifth-generation heir of Hermès, filed a civil lawsuit against LVMH and its CEO Bernard Arnault.

Puech alleged that Eric Freymond, his wealth manager of 25 years, secretly transferred a significant portion of his Hermès shares to LVMH through concealment and deception.

According to excerpts from undisclosed court documents, the Paris Judicial Court estimated in May that Puech once owned 6 million Hermès shares, worth approximately €14 billion at current prices. The first hearing took place on November 20, revealing details of Puech’s claims and the full list of defendants.

The Paris Prosecutor’s Office confirmed to media that a criminal investigation into Puech’s case is ongoing, adding that only Freymond has been formally charged so far, while Arnault and his company remain under investigation but not formally indicted.