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24 April, 2021 -
Shares in Swiss luxury group Richemont rose as a result of claims made by an online fashion and luxury publication that it had rejected an informal merger offer made in January by French luxury goods conglomerate Kering.
Paris-based Miss Tweed reported that a cash-and-shares proposal to merge was made directly by Kering CEO François-Henri Pinault to Richemont chairman and controlling shareholder Johann Rupert.
Rupert said in November 2020 that he had no intention to sell, and the Miss Tweed report claimed that he was unsatisfied with the terms offered by Kering.
According to media reports, following the rumours, Richemont’s shares were 3.8% higher in late morning trading in an otherwise flat Swiss stock market, while Kering’s shares fell 1.4%.
Speculations over a potential Richemont and Kering merger have been circulating for years but are presently heightened after LVMH’s takeover of U.S. jeweller Tiffany put pressure on rivals to scale up.
Kering, which owns brands such as Gucci and Bottega Veneta, is said to have a market capitalisation of €74 billion (US$88 billion) versus Richemont’s (owner of brands such as Chloe and Cartier) 47 billion Swiss francs (US$50.8 billion).
Representatives for Kering and Richemont declined to comment on the report.