Reported 8 months ago
French billionaire Bernard Arnault, chairman of LVMH, has acquired a stake in luxury rival Richemont, as reported by Bloomberg. The exact size of the shareholding is unknown, but it is considered a small investment as part of the Arnault family's portfolio in publicly listed companies. Richemont, the owner of Cartier jewelry, saw its shares rise after the news, gaining 21% in stock value this year. While Arnault's intentions remain unclear, analysts believe it may be more of a personal investment rather than a strategy for a takeover, given Richemont's control structure and Chairman Johann Rupert's disinterest in selling the company. This move follows LVMH's past investments in competitors like Hermes.
Source: YAHOO