Bernard Arnault corporation seeks to strengthen its position in the growing jewelry market.French giant LVMH is considering a takeover of Richemont. The Swiss newspaper Finanz und Wirtschaft writes, citing market participants, that the Bernard Arnault corporation seeks to strengthen its position in the growing jewelry market. The LVMH portfolio also includes brands such as Tiffany & Co, Bvlgari and Chaumet.
Richemont is the fourth-largest player in the luxury goods market. The company manages 26 brands, including Van Cleef & Arpels, Jaeger-LeCoultre, Cartier, Chloé, Montblanc, IWC, A. Lange & Söhne, Panerai, Piaget and Vacheron Constantin. The company also runs the YOOX Net-a-Porter Group business.
Richemont was founded in 1988 by Johannes Rupert, a South African businessman. Today, he remains the main beneficiary of the luxury group's business. Until recently, Rupert stuck to his strategy of keeping his family in control of the company and refused to discuss possible deals to sell a controlling stake.
"Our board of directors may be slower and more conservative than others. But its openness and collegiality is exactly its advantage," Rupert commented.
Experts note that information on the possible acquisition of Richemont by LVMH may yet be perceived at the level of rumors. And, nevertheless, if we are talking about rumors concerning the takeover by Bernard Arnault of a major competitor, it should not be taken lightly.
27 FEBRUARY 2023, France