Richemont Group Says No to an Acquisition by LVMH
Johann Rupert put to rest the acquisition rumours and said that the company was not for sale.
The post Richemont Group Says No to an Acquisition by LVMH appeared first on LUXUO.
Since the start of the year, there have been rumours about a potential acquisition by the world’s largest luxury group LVMH of its fellow rival Richemont Group. The “whispers” were first reported by the Swiss newspaper Finanz und Wartscaft in February this year and has since gathered momentum. After LVMH’s successful turnover at Tiffany & Co., those in the luxury M&A space are speculating what the group’s next moves would be and many pointed towards Richemont’s crown jewel: Cartier.
It is understandable why Bernard Arnault would want to add Cartier to its portfolio of brands; the maison is among the largest in the watchmaking and jewellery industry. Furthermore, according to Richemont’s latest financial results, its jewellery masons consisting of Buccellati, Cartier and Van Cleef & Arpels generated 21 per cent sales growth compared to the prior year. This amounted to ?13.4 billion, and overall, for the year ended 31 March 2023, the group reported strong performance with sales which saw it increase by 19 per cent to an all-time high of ?20 billion.
However, there is much more that LVMH can gain from a total takeover of the Richemont Group. Not only will it further cement LVMH’s position in the area of jewellery making, but it will ...
The post Richemont Group Says No to an Acquisition by LVMH appeared first on LUXUO.
Since the start of the year, there have been rumours about a potential acquisition by the world’s largest luxury group LVMH of its fellow rival Richemont Group. The “whispers” were first reported by the Swiss newspaper Finanz und Wartscaft in February this year and has since gathered momentum. After LVMH’s successful turnover at Tiffany & Co., those in the luxury M&A space are speculating what the group’s next moves would be and many pointed towards Richemont’s crown jewel: Cartier.
It is understandable why Bernard Arnault would want to add Cartier to its portfolio of brands; the maison is among the largest in the watchmaking and jewellery industry. Furthermore, according to Richemont’s latest financial results, its jewellery masons consisting of Buccellati, Cartier and Van Cleef & Arpels generated 21 per cent sales growth compared to the prior year. This amounted to ?13.4 billion, and overall, for the year ended 31 March 2023, the group reported strong performance with sales which saw it increase by 19 per cent to an all-time high of ?20 billion.
However, there is much more that LVMH can gain from a total takeover of the Richemont Group. Not only will it further cement LVMH’s position in the area of jewellery making, but it will ...
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