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LVMH is reportedly taking a special interest in buying Cartier French luxury brand to expand its jewelry portfolio. The company already owns Tiffany & Co. but still looking to add another brand for its jewelry business ambitions.
To get Cartier, LVMH is considering the acquisition of Richemont, which owns it. As per Retail Gazette, it was the Finanz und Wirtschaft Swiss newspaper that first reported about the takeover plans. However, if the deal does not go ahead, the owner of Louis Vuitton will shift its plans to just buying Cartier from Richemont.
LVMH is aiming to bring Cartier under its wing to complement its Tiffany & Co. brand, which it purchased in 2021. If it succeeds in owning the maker of luxury jewelry and watches, LVMH will be able to grow its own jewelry business and possibly match its dominance in the high-end bags and leather goods market.
Then again, it was reported that Johann Rupert, a South African businessman who founded Richemont in 1988 has a controlling stake in Cartier too. HypeBeast mentioned that he seems to be against LVMH’s plan to buy the watchmaker and will attempt to prevent the sale.
Rupert is said to be trying to resist giving away the control of the firm to buyers by refusing to change the family-controlled boardroom arrangement last year. He also said in an interview,
“Our board may be slower and more conservative than others. But its openness and collegiality are exactly its advantages. I will not be blackmailed.”
LVMH’s owner Bernard Arnault sees Cartier as the key to growing its jewelry business. It is also the perfect addition to its jewelry line which already has Chaumet and Bvlgari as well. Meanwhile, Richemont currently occupies the fourth spot as the largest luxury company in the world, a ranking based on market cap records. It boasts an extensive list of other luxury business brands such as Chloé, Lange & Sohne, Piaget, Montblanc, and more.
Photo by: Jacek Dylag/Unsplash
