LVMH, the luxury fashion company owned by Bernard Arnault, is currently the world’s richest man. It is under consideration to acquire Richemont, a Swiss luxury fashion manufacturer. According to the newspaper Finanz und Wirtschaft
Richemont, which has a portfolio of 26 fashion brands including Cartier, Chloé and Montblanc, is a target for Arnault, who wants to expand into accessories and timepieces where LVMH already has brands like Tiffany & Co., Bvlgari and Chaumet.
Today, Richemont is the world’s fourth-highest-capitalized luxury goods company. It was founded in 1988 by South African businessman Johann Rupert, before being handed over to family management. and still maintains this kind of management structure today.
“Our board may be slower and more conservative than others. But the openness and camaraderie among the management team is our strength. I won’t be blackmailed,” Rupert once said in an interview.