A few days ago, rumors surfaced that LVMH wanted to buy the Cartier brand from Richemont. But then this rumor turned into LVMH wanting to own Richemont himself. Up to this point, this is just a corridor rumor spread by an anonymous source, according to the Swiss financial daily Finanz und Wirtschaft. However, this information caused both the stock market and the fashion world to boil.
Rumors spread that lvmh group acquired Richemont, will own Cartier, Piaget
Currently, the world has luxury fashion groups including LVMH (owns Louis Vuitton, and Dior), Kering (owns Gucci, and Balenciaga), Prada (as Prada and Miu Miu), Richemont (mainly owns brands). watch and jewelry brands such as Cartier, Piaget, Van Cleef & Arpels), Luxottica (which produces glasses for other luxury brands)…
Some people believe that the rumor that LVMH wants to buy Richemont is credible. Because while the LVMH group is considered the most powerful in the luxury sector at the moment, their portfolio of brands is skewed towards fashion and food, and is weak in the jewelry and watch segment. Acquiring jewelers – especially established brands like Cartier and Richemont’s Piaget – will help LVMH consolidate its control in this market.
According to the financial daily Bloomberg, LVMH currently has a market capitalization of over $424.2 billion. They fully have the financial ability to own Richemont. “If they buy back Richemont, even spending 30% more than the current Richemont stock price, they will have to spend about $ 116 billion,” Bloomberg estimates.
In its financial report for the fourth quarter of 2022 in February, LVMH Group reported that the total growth rate reached 9%. This is the first time the growth rate has fallen below double digits since 2020. However, Mr. Bernard Arnault expressed confidence because “China is about to reopen. With this momentum, next year [2023] will be a prosperous year.” Acquiring other brands will also help drive the desired growth.
Meanwhile, Richemont has just had to sell at a loss its investment in YOOX – the parent group of luxury sales website Net-a-porter – to competitor Farfetch and Middle East investment firm Symphony Global. Besides, Richemont’s revenue in the fourth quarter of last year fell by nearly a quarter because of its dependence on the Chinese market. Therefore, investors have evidence to believe that both LVMH and Richemont will benefit from coming together, especially since Europe does not have anti-monopoly laws if the companies keep aerated in the marketplace.
Others think that this is a false rumor. Richemont was founded in 1988 by businessman Johann Rupert and is still run by the family. Many active investors have tried to penetrate to change the board of directors, but he has prevented them. In an October 2022 interview with the financial daily Finanz und Wirtschaft, this man once said: “We may be slower to develop and more conservative than others. But this is also an advantage.” Therefore, it is unlikely that he will agree to shake hands with his longtime competitor.
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