Richemont Boss Rupert Quashes Talk of Deals with LVMH and Kering

Johann Rupert, the controlling shareholder of Swiss luxury goods conglomerate Richemont, dismissed talk of a takeover by bigger rival LVMH or a combination with Kering SA.

The billionaire said he was in constant “friendly” dialogue with LVMH Chairman Bernard Arnault, but the Cartier owner has no interest in a deal with the French company and isn’t for sale. He referred to the speculation as an “erroneous story.”

“We respect each other’s independence and I would think less of him if we didn’t have frank and candid conversations,” Rupert said of Arnault.

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