Bernard Arnault Confirms He Owns ‘Very Minor Stake’ in Richemont

Bernard Arnault confirmed he bought a small stake in Cartier owner Richemont, as the chief executive officer of rival luxury conglomerate LVMH seeks to cool speculation about his intentions.

“I know well the owner, Mr Johann Rupert, of Richemont,” Arnault said in an interview on CNBC broadcast Friday. “And we have a good relationship and I told him that I will never do anything against him. That’s clear.”

It’s “a very minor stake,” Arnault said, confirming a report last month by Bloomberg Businessweek that he had invested as part of a broader family-owned portfolio of investments in publicly-listed ...