Swiss outlet Finanz und Wirtschaft reported the news, citing “whispers behind closed doors”, and spoke to Richemont founder Johann Rupert in a previous interview.

At the time, he told Finanz und Wirtschaft: “Our board may be slower and more conservative than others. But its openness and collegiality are exactly its advantage. I will not be blackmailed.”

While rumours point to resistance from Richemont, LVMH could shift its focus to an acquisition of Cartier alone if its attempt to purchase the group as a whole fails. Alongside Tiffany & Co, owning Cartier would put LVMH at the forefront of the sector.

LVMH notably reported record results for its 2022 financial year, with particular success in its Fashion & Leather Goods segment, while Richemont achieved weaker growth, reporting a 5% sales increase for the third quarter of its ongoing fiscal year at constant currency.

Source: Finanz und Wirtschaft