Shilla Duty Free has struck a landmark agreement to open the world’s first Louis Vuitton airport store, at Incheon International Airport.

The luxury brand has traditionally rejected the airport retailing channel – though it is present in downtown travel retail through selected Gallerias run by fellow LVMH subsidiary DFS, and through high-class Korean retailers such as Shilla and Lotte.

Shilla said: “Louis Vuitton’s opening of a store in Incheon International Airport is being considered as a monumental achievement in the global tourism industry.

Hermes rejected on Wednesday “an attack” on its capital by luxury goods giant LVMH, sounding the start of what could become a bitter battle for control of one of France’s most iconic brands.

The head of LVMH, Bernard Arnault announced he had bought 17 percent of his rival Hermes, insisting that this does not herald a hostile takeover but that he simply wanted to become a “friendly” long-term shareholder.

“If you want to be friendly, Mr Arnault, you should withdraw,” retorted Hermes executives Bertrand Puech and Patrick Thomas.

Luxury conglomerate LVMH said Saturday it had taken a 14.2 percent stake in Hermes but denied it wanted to take over the French luxury goods firm.

The company controlled by French businessman Bernard Arnault said it wanted to boost the stake to 17.1 percent at a total cost of 1.45 billion euros (two billion dollars) but was not seeking even representation on the Hermes board.

The move makes LVMH the largest Hermes shareholder after the heirs to the family share of around 70 percent.

There has been speculation about the future of Hermes, known for its fine leather goods and silk scarves, since the death of its charismatic head Jean-Louis Dumas.

LVMH CEO Bernard Arnault, the man behind some of the world’s top luxury labels, has been officially named France’s richest man.

Arnault’s fortune is estimated at 22.7 billion euros, ($28.6 billion) following a 55% increase in his net worth weekly magazine Challenges reported.

Arnault took over the top slot from Gerard Mulliez and family, the owners of the Auchan supermarket chain. Mulliez was still in second place with a fortune estimated at 19 billion euros.

Ultra-luxury hoteliers can expect new competition from French luxury goods company LVMH Moet Hennessy Louis Vuitton, the Wall Street Journal reports.

LVMH also said it created LVMH Hotel Management to “oversee the group’s activities in the luxury hotel sector” and to “maximise the value of its brands,”.

Two new hotels, named Cheval Blanc after LVMH’s vineyard, are currently being built in Oman and Egypt and are proposed to open in 2012.

The Maison Cheval Blanc in Oman is on the 11 square- kilometer island of Al Sodah and includes 32 private villas, LVMH said.

The world’s new richest man, Mexican Carlos Slim, and a fresh crop of billionaires in Asia helped lead a comeback for the wealthiest few on the planet in 2010, Forbes magazine said Wednesday.

The publication’s annual rich list reflected a resurgence of wealth after the financial turmoil of 2009, with the top 10 wealthiest worth a combined 342 billion dollars, compared to 254 billion dollars in the previous year.

“The global economy is recovering. The financial markets came back, especially emerging markets,” said magazine editor-in-chief Steve Forbes.

“There’s a 50 percent increase in general global wealth compared to last year,” Forbes said.

Certainly the economy recovered for the super rich, who took a beating during last year’s stock and commodity market collapses, but saw across-the-board gains this year.

Forbes counted 1,011 billionaires from 55 countries, up from 793 last year, though still shy of the pre-crisis 1,125 listed in 2008.