Kering-Richemont merger pitched ‘more than a year ago’
The idea of an as yet unspecified tie-up between European luxury groups Kering and Richemont was first proposed “more than a year ago”, Richemont founder and chairman Johann Rupert recently revealed on a call to reporters, according to the Financial Times.
This is contrary to previous reports of the approach, which first emerged in late March and suggested that Kering chairman and chief executive, François-Henri Pinault, had pitched Mr Rupert back in in January.
Mr Rupert said that the nature of the proposition was skewed more towards collaboration than an outright purchase of Richemont by Kering and added that he had previously received such an approach from “at least three” interested parties.
A Kering-Richemont partnership would, in theory, establish a group better equipped to compete with fellow European luxury conglomerate LVMH for leadership in the industry.
Paris-based Kering, which owns brands including Gucci and Bottega Veneta, is particularly strong in soft luxury, whereas Switzerland’s Richemont, the owner of Cartier and Van Cleef & Arpels, is widely believed to have the edge in hard luxury.
Image: Richemont brand Alaïa via Instagram. Credit: Edouard Caupeil
