Richemont President Johan Rupert denied reports that it had been taken over by LVMH. writes about it hypebeast.
In February of this year, there was a rumor that LVMH, the world’s leading luxury goods group, was considering acquiring Swiss holding company Richemont. However, the rumors are not true.
Commenting on the information about a possible merger between Richemont and rival LVMH, Johan Rupert said, “We are in constant dialogue and respect each other’s independence.”
In the first quarter of this year, Richemont’s operating profit was $5.5 billion, while sales were up 14%. Shares of the company rose 5.9%. Johan Rupert has noted economic instability and political uncertainty around the world, but is confident Richemont can thrive.
Richemont owns Cartier, Van Cleef & Arpels, Vacheron Constantin and other brands.
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