The world’s biggest luxury group may be getting even bigger, if reports are to be believed. LVMH, the owner of names such as Louis Vuitton, Christian Dior, Loro Piano, Kenzo and more, is reportedly considering a takeover of Richemont, the 4th largest luxury group, owner of Cartier, IWC, Vacheron Constantin and more.
The news comes from Swiss newspaper Finanz und Wirtschaft, who cited they had heard the whispers behind closed doors.
According to the report, Bernard Arnault, the owner of LVMH and the current world’s richest man unless Teslas can somehow stop being terrible, has his eyes specifically on Cartier, one of the most desired jewellery and watch brands on earth.
If successful, he would add that Cartier crown jewel to his Tiffany & Co. crown, it can be assumed.
He would also be gaining Richemont names such as Montblanc, Van Cleef & Arpels, Jaeger-LeCoultre, Panerai, Piaget, Net-a-Porter Group and more.
Richemont was founded in 1988 by South African businessman Johann Rupert, with his family maintaining a controlling stake in the company, and has been resistant to giving up that stake.
“Our board may be slower and more conservative than others. But its openness and collegiality are exactly its advantage. I will not be blackmailed,” he said in an interview with Business Insider.
Whether these rumours prove true, and whether LVMH actually able to purchase Cartier and Richemont along with it, is still uncertain, but we will keep you posted as we learn more.
If anything, those long lines around Cartier at The Dubai Mall are set to get even longer…