LVMH Discloses 494.6 Million Shares as Zenith Weighs Swiss Job Cuts

LVMH has laid out its capital structure as of 31 October, reporting 494,606,080 outstanding shares in a regulatory disclosure. The filing puts gross voting rights at 743,358,184 and net voting rights at 739,382,278 — three separate figures that describe different facets of the group's ownership base. The notice is a snapshot at a fixed date, not a signal of any new transaction.

That distinction matters, because the disclosure lands alongside two unrelated developments at the French luxury giant: a repositioning at its watch brand Zenith and a French judicial review of the group's historical Hermès stake.

Zenith Confirms Move Upmarket

Zenith confirmed on 23 October that it will pivot toward higher-end timepieces and lower production volumes. The LVMH-owned brand simultaneously opened an employee consultation on the plan. According to media reports, as many as half of its Swiss workforce could be affected by job cuts.

No final decision on redundancies is expected before the consultation closes on 12 November, meaning the potential staff reductions remain undecided. The strategic shift itself, by contrast, has already been confirmed by the brand.

Investigators Turn to Hermès Share Purchase

French investigators are also examining LVMH's role in the acquisition of Hermès shares. As Le Monde reported on 30 October, the probe into the vanished shares of Hermès heir Nicolas Puech has shifted its focus to that question. The investigating magistrate reportedly plans to summon Bernard Arnault — a reported procedural step in an ongoing inquiry, not a finding of wrongdoing.

The judge has also questioned LVMH executive Jean-Jacques Guiony about the historical purchase of a 17% stake in Hermès, linked to Puech's missing shares. LVMH has said it will not comment on pending proceedings. The scrutiny concerns the group's past stake-building in a rival, not its own shares covered by today's disclosure — and the filing offers no answer to those legal questions.

Dates to Watch

LVMH shares slipped 1.2% yesterday. On the corporate calendar, the Zenith consultation wraps up on 12 November, and the group's Nona Source platform — which reuses luxury materials — holds a sale in Paris from 24 to 28 November, a part of the business distinct from the watch brand's overhaul.