Arnault reportedly has his target on Cartier, seeing the Richemont jewelry and watch brand as a key to LVMH’s growing jewelry segment which currently includes brands such as Tiffany & Co., Bvlgari, and Chaumet.
Richemont is currently the fourth-largest luxury company in the world by market cap with an expansive portfolio of 26 maisons and businesses including Cartier, Chloé, Montblanc, IWC, A. Lange & Söhne, Van Cleef & Arpels, Jaeger-LeCoultre, Panerai, Piaget and Vacheron Constantin as well as retail platforms under YOOX Net-a-Porter Group.
South African businessman Johann Rupert founded Richemont in 1988, and since then, his family has held a controlling stake in the company. So far, Rupert has been resistant to giving away control of the company, refusing to change the family-controlled boardroom structure last year.
“Our board may be slower and more conservative than others. But its openness and collegiality are exactly its advantage. I will not be blackmailed,” he said in a rare interview.
Stay tuned for more details to emerge in the coming months.
In other news, S&P slashes adidas debt rating as earnings tumble.