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Over the past 12 months, rumours have circulated suggesting that French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) is considering a takeover of rival Richemont. | Source: Deposit Photos
Over the past 12 months, rumours have circulated suggesting that French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) is considering a takeover of rival Richemont. | Source: Deposit Photos

LVMH boss throws cold water on Richemont rumours

Over the past 12 months, rumours have circulated suggesting that French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) is considering a takeover of rival Richemont.

Speculation resurfaced recently when it was revealed that LVMH chair Bernard Arnault holds a stake in Richemont as part of a family-owned portfolio of investments in publicly listed companies.

Arnault addressed these rumours in a recent interview with CNBC, cooling speculation that he is planning a takeover bid.

“I know the owner, Mr Johann Rupert, of Richemont. We have a good relationship, and I told him that I would never do anything against him. That’s clear,” he said.

“He’s done something fantastic with Richemont, Cartier, and Van Cleef, and I think he’s independent. He wants to stay independent, and I agree completely with that.”

In recent years, 74-year-old Rupert has emphasised his intention to keep the group independent. As chairman, he controls 51 per cent of the voting rights.

LVMH, which owns brands such as Tiffany & Co., Bulgari, and TAG Heuer, recently reported a modest revenue decline over the past six months.

Conversely, Richemont announced a minor sales increase for the opening quarter.

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