LVMH Is Rumored to Acquire Cartier's Parent Company, Richemont
It's been reported that LVMH is looking to acquire Richemont.
The Switzerland-based luxury goods holding company is parent to Cartier, Chloé, Montblanc, IWC, A. Lange & Söhne, Van Cleef & Arpels, Jaeger-LeCoultre, Panerai, Piaget and Vacheron Constantin in addition to retail platforms under YOOX Net-a-Porter Group.
Swiss newspaper Finanz und Wirtschaft, was the first to report on the news, claiming that there were "whispers behind closed doors."
LVMH is led by Bernard Arnault. He is reportedly set on adding Cartier to LVMH's growing portfolio as a way to help grow its jewelry segment. In 2021, LVMH acquired Tiffany & Co.
Richemont was founded by South African businessman Johann Rupert in 1988. Since then, his family has held a controlling stake. In a previous interview, Rupert got candid about the dynamic of the company. "Our board may be slower and more conservative than others. But its openness and collegiality are exactly its advantage. I will not be blackmailed," he told Finanz und Wirtschaft.
Stay tuned for more updates.