LVMH Acquires Stake in Hermes

LVMH, owner of TAG Heuer, Hublot and Zenith, has acquired 17.1% of French fashion house Hermès for approximately $2 billion. Founded in 1837, Hermès is perhaps best known for scarves, ties and handbags, though the company also produces a range of fashion watches, as well as fine watches in its Pièces d’exception line — via redwolf.newsvine.com