Zurich. French billionaire Bernard Arnault, Europe’s richest man and president of the world’s largest luxurious group LVMH, purchased a stake in its smaller rival Richemont, Bloomberg reported on Tuesday.
In keeping with the report, each the precise involvement of the proprietor of the Cartier jewellery in addition to Arnault’s intentions had been unclear. Representatives for Arnault didn’t instantly reply to a request for remark.
The report stated the funding was small and was a part of a broader portfolio of investments by the Arnault household in publicly traded firms.
Richemont, whose shares rose 2.8 % on the information, declined to remark. The corporate’s shares have gained 21 % this yr.
Paris-based LVMH, whose manufacturers embody trend homes Louis Vuitton and Christian Dior, watchmakers Hublot and Tag Heuer and champagne maker Dom Perignon, has beforehand purchased stakes in rivals.
The world’s largest luxurious firm revealed in 2010 that it had acquired a stake in purse maker Hermès.
The Hermès household house owners reacted by tying up their stakes, and LVMH finally gave up its stake in 2014. Richemont might additionally show a tough goal to tackle, if that’s Arnault’s intention.
The corporate, which additionally owns Swiss watchmakers IWC, Piaget and Jaeger-LeCoulture, is managed by Chairman Johan Rupert by means of a mix of two classes of shares that offers him 51 % of the voting rights.
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– 2024-06-26 10:05:14
