Billionaire Bernard Arnault, the chairman and CEO of luxury giant LVMH, has confirmed recent reports stating that he acquired what he describes as “a very minor stake” in Swiss competitor Richemont.
In an interview with CNBC, Arnault addressed speculation about a potential takeover bid, emphasizing that he has no such plans. Richemont, chaired by Johann Rupert and overseeing 26 prestigious brands including Cartier, Van Cleef & Arpels, and Montblanc, has repeatedly expressed its intention to remain independent.
“He’s achieved remarkable success with Richemont, Cartier, and Van Cleef, and I believe he prefers to maintain independence, a sentiment I fully support,” said Arnault.
Ranked as the world’s third wealthiest individual by Forbes, with an estimated fortune of $185 billion, Arnault made headlines in 2021 with the $15.8 billion acquisition of Tiffany & Co., following protracted negotiations and legal disputes. Despite his considerable holdings, he clarified that he currently has no plans to pursue a bid for Cartier, which would further strengthen LVMH’s position in the jewelry sector.
The news of Arnault’s investment in Richemont was first reported by Bloomberg News a month ago. This stake forms part of a diverse family-owned investment portfolio and is not significant enough to warrant disclosure in public registers.
