After Ditching Tiffany, is LVMH Now Courting Cartier?
October 06, 20
(IDEX Online) - There's the hint of a new twist in the Tiffany takeover saga, with speculation that LVMH may be more interested in a jeweler closer to home - Cartier.
Industry experts are suggesting that the French luxury conglomerate LVMH could be considering a bid instead for Swiss-based Cie Financiere Richemont SA, owners of the French jeweler and watchmaker Cartier.
LVMH Moet Hennessy Louis Vuitton SE is embroiled in an an acrimonious legal tussle with US-based Tiffany & Co, after pulling out of a much-heralded $16.2bn acquisition last month.
There is speculation that LVMH chairman Bernard Arnault, Europe's richest man, may have set his sights on another way to firm up his group's position in hard luxury, with the purchase of Richemont, the world's biggest branded jeweler by market share.
An opinion piece on the Bloomberg financial news website suggests the price tag for Richemont could be three times as much as the price agreed for Tiffany, but notes that LVMH has deep enough pockets.