LVMH, the owner of Tiffany & Co. and Bulgari, is rumored to have its eyes on acquiring rival Richemont, according to Swiss newspaper Finanz und Wirtschaft.
There are “whispers” in the luxury industry that LVMH founder and CEO Bernard Arnault is particularly targeting Cartier, Richemont’s flagship jewelry and watch brand, the report said last week.
LVMH and Richemont’s share prices were fairly stable following the speculation, which the international media only carried several days later. Neither company had responded to a request for comment from Rapaport News by press time.
Astrid Wendlandt, a luxury-industry author and editor at online publication Miss Tweed, played down the significance of the rumor.
“Luxury investors got excited last week after…Finanz und Wirtschaft published a story suggesting LVMH was interested in buying Richemont,” Wendlandt noted in a LinkedIn post. “It turned out to be fake news. The market didn’t take it seriously, and Richemont’s shares hardly moved.”
LVMH acquired Tiffany in January 2021. Richemont’s other jewelry and watch brands include A. Lange & Söhne, Buccellati, Jaeger-LeCoultre, Piaget, and Van Cleef & Arpels.
Image: A Cartier store in London. (Shutterstock)
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