Gucci presses LVMH to raise bid

THE ITALIAN designer house Gucci yesterday raised the pressure on LVMH, the French luxury brands giant, to increase its hostile $85 per share offer ahead of their courtroom meeting this week.

Gucci shares climbed 5.2 per cent in Amsterdam after it said its board would only recommend an offer that was above $88 a share, and that includes all shares, including the 42 per cent stake owned by LVMH's French rival Pinault-Printemps-Redoute. A Dutch court is due to review LVMH's complaints about Gucci's sale of newly issued shares to Pinault-Printemps on Thursday.