French billionaire Bernard Arnault, Europe's richest man and the chairman of high fashion to champagne group LVMH, has bought a stake in smaller luxury rival...
ZURICH - French billionaire Bernard Arnault , Europe's richest man and the chairman of high fashion to champagne group LVMH , has bought a stake in smaller luxury rival Richemont , Bloomberg reported on Tuesday.
Richemont, whose shares rose 2.8% after the news, declined to comment. The company's stock has gained 21% this year.Paris-based LVMH, whose brands include Louis Vuitton and Christian Dior fashion houses, watchmakers Hublot and Tag Heuer, and champagne maker Dom Perignon, has previously bought stakes in rivals.
Hermes' family owners reacted by binding their holdings, and LVMH eventually relinquished its stake in 2014.The company, which also owns Swiss watchmakers IWC, Piaget and Jaeger-LeCoulture, is controlled by Chairman Johan Rupert via a combination of two categories of shares that gives him 51% of the voting rights.
"Arnault has made no secret that he thinks Richemont’s Cartier and Van Cleef & Arpels are two world class brands and I am sure LVMH is interested and has the financial resources to do a deal," Cox said.
LVMH Richemont Johan Rupert Personal Stake
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