LVMH chairman Bernard Arnault has reportedly bought a stake in the luxury rival that owns Cartier, sparking rumors of a possible takeover battle.
The mercurial French billionaire — whose $197 billion net worth currently ranks him as the world’s third-richest person, according to Forbes — took a stake in Swiss-based Richemont that’s too small to force a public disclosure, two people familiar with the matterNernard Arnault’s intentions of his investment into Richemont — which owns jewelry-brand Cartier and Swiss watchmakers IWC and Piaget — remain unclear.
“I understand he wants to remain independent,” Arnault said. “I find that very good. If he wants support to maintain his independence, I’ll be there.”Uber locking out NYC drivers to avoid paying them for 'idle time' However, Rupert — a 74-year-old South African billionaire also renowned for his shrewd business dealings — has “no interest in any sort of tie up,” according to an analyst at European bank Kepler Cheuvreux, Reuters reported.
A second Swiss bank analyst told Reuters that Arnault would like to acquire Richemont and it would be “the missing jewel in his crown.”Bloomberg Businessweek profile this week that broke the news of the Richemont stake
Bernard Arnault Cartier Investments Louis Vuitton Luxury Mergers & Acquisitions
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bernard Arnault Overtakes Elon Musk To Become World’s Richest AgainSiladitya Ray is a reporter on the Forbes news team who covers major world news stories breaking overnight with a focus on technology and online platforms. He joined Forbes in 2020 and works in New Delhi.
Read more »
A Brief History of Cartier’s ‘Love’ Fine Jewelry CollectionLearn the about the history of the Cartier Love Bracelet, the inspiration for the ‘Love’ fine jewelry pieces, and how the collection has evolved.
Read more »
A Brief History of Cartier’s ‘Love’ Fine Jewelry CollectionLearn the about the history of the Cartier Love Bracelet, the inspiration for the ‘Love’ fine jewelry pieces, and how the collection has evolved.
Read more »
Deepika Padukone is the Face Of Cartier’s “Nature Sauvage” CollectionThe stunning actress wears key pieces from Cartier's Latest High Jewellery Collection dubbed 'Nature Sauvage'.
Read more »
Cartier Proves That Style is ForeverCartier Director of Image, Style, and Heritage Pierre Rainero waxes lyrical about his more than 30 years of history with the brand
Read more »
Financière Agache Appoints Frédéric Arnault As Managing DirectorFrédéric Arnault is named managing director of Financière Agache.
Read more »