Press Releases

October 22, 2001
First Step of Gucci settlement closes; LVMH receives $806 Million in cash from PPR

LVMH Moët Hennessy-Louis Vuitton S.A. announces that, as originally scheduled, it has concluded the first step of the Settlement and Stock Purchase Agreement entered into on September 9, 2001 with Pinault-Printemps-Redoute S.A. and Gucci Group N.V.

Pursuant to that agreement, PPR has today purchased 8,579,337 Gucci shares from LVMH at a price of $94 per share, for a total amount of $806 million in cash received by LVMH from PPR.

As previously indicated, LVMH will monetize the remainder of its Gucci shares before the end of this year.