Richemont Says Ex-Bulgari CEO Is Inappropriate for Board (1)

Richemont, the maker of Cartier jewelery, said shareholders should vote against the appointment of Francesco Trapani to the board because he is too closely associated with arch-rival LVMH.

In a ratcheting up of the battle between the luxury group and activist investor Bluebell Capital Partners Ltd., which proposed the appointment, Richemont said Trapani is an “inappropriate candidate” and his election is not in the interest of the company.

Francesco Trapani

Photographer: Goh Seng Chong/Bloomberg

Richemont Chairman Johann Rupert controls the high-end group through its ‘B’-class shares. The South African billionaire holds 10% of the company’s share capital and 51% of its voting ...