LVMH Boss has Shares in Rival Richemont
June 26, 24
(IDEX Online) - Billionaire Bernard Arnault, chairman and CEO of the luxury conglomerate, is reported to have bought shares in Swiss rival Richemont, reviving speculation of a possible takeover bid.
Arnault, with an estimated net worth of $194bn (says Forbes) is a personal stakeholder in Richemont, according to Bloomberg, but the stake is too small to be disclosed in public registers.
Nonetheless, the revelation again focuses attention on his interest in Richemont in general and Cartier, its high-end jewelry brand in particular.
Arnault snapped up Tiffany & Co in 2021 for $15.8bn after prolonged haggling and threats of legal action in both directions.
It was during the "on-off-on again" period of uncertainty before the purchase was concluded that rumors began to circulate that LVMH could bid for Richemont.
Adding Cartier to the LVMH portfolio, would further increase its dominance in the jewelry sector.
In October 202 the Swiss newspaper Finanz und Wirtschaft said: "It's still little more than a whisper. But in the luxury industry, there is whispered talk that Bernard Arnault wants to take over Swiss competitor Richemont.
"More specifically, he is said to be targeting Richemont's industry-leading jewelry brand, Cartier."
Johann Rupert, chairman of Richemont, has repeatedly said the company is not for sale.
Richemont controls 26 maisons, among them Chloe, Montblanc, IWC, A. Lange & Sohne, Van Cleef & Arpels, Jaeger-LeCoultre, Panerai, Piaget and Vacheron Constantin.