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HomeBusinessWhich Paris based company’s chairman bought personal stake in rival jewelry company?...

Which Paris based company’s chairman bought personal stake in rival jewelry company? CWEB reports

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Bangkok, Thailand- 15 Feb, 2023: Louis Vuitton store in Siam Paragon Mall in Bangkok Thailand. It is a French luxury fashion house and company founded in 1854

Paris-based LVMH (LVMUY), the parent of several well-known luxury brands, has its jewelry and watch brands. Recently, its chairman, billionaire Bernard Arnault, bought a stake in another famous European luxury goods maker whose popular brand is based in Paris and also makes luxury watches and jewelry.

The recent acquisition of a stake in this company has led to a business buzz about a potential takeover, and CWEB reports on this matter.

According to Bloomberg and The Financial Times, Europe’s richest man, Bernard Arnault, bought a stake in Cartier. However, the size of the stake remains unknown, as sources and representatives of LVMH who provided the information have not responded when asked for comment.

Richemont has also not commented on Arnault acquiring a stake in its company. The luxury goods rival of LVMH saw its stock price rise by 2 percent after the news of the acquisition broke on Tuesday. Richemont stock has gained 21 percent to date this year.

LVMH has taken a stake in other rival luxury goods makers. It took a stake in Hermes, a company known for its scarves and ultimate luxury bags under the brand Birkin. However, Hermes implemented actions that prevent any company from taking it over in a hostile bid.

OrganicGreek.com

Richemont is the parent company of Cartier, a luxury brand famous for its jewelry and watches. Although the Paris-based brand was bought by its Swiss-based parent years ago, it remains a Paris jewelry and watch brand.

It is also well protected. Its 74-year-old chairman, Johan Rupert, has a 10.2 percent stake in the company but controls over 51 percent of the voting rights, and its annual reports show that major investors have three percent or more voting rights.

According to reports, Billionaire Bernard Arnault has bought the shares personally. He has spoken of admiration for Richemont and its Paris-based jewelry and watch brand Cartier in the past, although Rupert has always spoken of the brand’s autonomy. If there is a takeover in the future, CWEB analysts think it will not be hostile.

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