Daily Management Review

LVMH head Bernard Arnault becomes a shareholder of rival Richemont


The Financial Times writes, citing reliable sources, that Bernard Arnault, one of the richest men in the world and the creator of the luxury goods company LVMH, has purchased shares in the competitor Compagnie Financiere Richemont SA.

Jérémy Barande
Jérémy Barande
The sources argued that Arnault made a personal investment and that the amount of the stock he purchased was too little to be made public. He has investments in a number of other firms, and LVMH's acquisition of Richemont shares does not indicate that the company is one of his interests.

LVMH and Richemont representatives turned down a request for comment.

The owner of Richemont is 74-year-old South African millionaire Johann Rupert. Specifically, the corporation owns the Cartier brand of high-end jewelry and timepieces.

source: ft.com