Richemont, the maker of Cartier jewelery, said shareholders should vote against the appointment of Francesco Trapani to the board as he is too closely associated with arch rival LVMH.
In a ratcheting up of the battle between the luxury group and activist investor Bluebell Capital Partners Ltd, which proposed the appointment, Richemont said Trapani is an “inappropriate candidate” and his election is not in the interest of the company.
The retailer also said it did not believe Bluebell, which has a relatively small stake, has “legitimacy” to represent the A shareholders, in a statement Monday.
Richemont Chairman Johann Rupert controls the high-end group through its B-class shares. The South African billionaire holds 10% of the company’s share capital and 51% of its voting rights, according to the company’s most recent annual report. The A shares are publicly traded and have a bigger economic interest but lower voting rights than Rupert.
Bluebell, which has a history of taking on large European companies, wants a representative for the A shareholders and proposed ex-Bulgari CEO Trapani, who led the Bulgari jewelry brand for nearly three decades until 2011 and was a founding partner of Bluebell in 2019.
© 2022 Bloomberg
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
