×
287
Fashion Jobs
NIKE
Information Security Risk Analyst (Grc) – Cis
Permanent · Bengaluru
RJCUBE STAFFING SOLUTIONS
qa/qc- Garments (Jersey, Etc) For Garments Buying House, Noida
Permanent · Noida
ZEN TECHNO ENGINEERING PVT LTD.
Production Manager
Permanent · Pune
ADIDAS
Manager Buying & Planning Operations
Permanent · GURUGRAM
ADIDAS
Product Owner Data Foundations
Permanent · GURUGRAM
ADIDAS
Senior Product Owner
Permanent · GURUGRAM
ADIDAS
Product Owner
Permanent · GURUGRAM
CROCS
Associate Demand Planner
Permanent ·
CROCS
HR Manager
Permanent ·
BRIDGING TALENTS
Quality Control Manager ii Retail Fashion Brand ii Jaipur / Bangalore
Permanent · Bengaluru
ALLEGIS GROUP
Opening For Sales Manager - Chennai & Kolkata
Permanent · Chennai
IDFC FIRST BANK
Opening For Area Sales Manager - Corporate Salary Mumbai
Permanent · Mumbai
TAKSHAKA INTERIORS
Req. Production Manager/Executive -Wood Furniture
Permanent · Gurugram
TATA AUTOCOMP
Opening For Production Head at Chinchwad Plant
Permanent · Pune
SKYNET OUTSOURCING SERVICES
Production Manager Api Industries-Bharuch,Ankelshwar Location
Permanent · Bharuch
THE BANYAN HR CONSULTS
Regional Sales Manager For Women's Wear Garments CO For Delhi & Ncr
Permanent · National Capital Region
PEOPLE ALLIANCE WORKFORCE
Quality Manager / Quality Head - Garments Manufacturing Company
Permanent · National Capital Region
NIKE
Senior Technical Product Manager, ed&a – Tpmo
Permanent · Bengaluru
RANDSTAD
Area Sales Manager
Permanent · Gurugram
3F INDUSTRIES
Technologist/Production Manager For Our Amino Acid Plant
Permanent · Chennai
3F INDUSTRIES
Chemical Technologist/Production Manager For Our (Cbg) Plant
Permanent · Chennai
NEWGEN
Sales Manager (South India)
Permanent · Chennai
By
Reuters
Published
Mar 22, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Richemont shares rise on report it rejected Kering's merger approach

By
Reuters
Published
Mar 22, 2021

Shares in Cartier owner Richemont rose on Monday after an online fashion publication reported it had been approached by French luxury goods group Kering for a potential merger in January but had rejected the informal offer.


Reuters


Paris-based Miss Tweed, which specialises in fashion and luxury, wrote late on Sunday that a cash-and-shares proposal to merge had been made directly by Kering CEO François-Henri Pinault to Richemont chairman and controlling shareholder, Johann Rupert.

The report said that Rupert, who said in November he had no plans to sell, was unsatisfied with the terms and did not submit them to Richemont’s board.

Speculation over a possible tie-up between Richemont and Gucci owner Kering have been circulating for years but have gathered steam in recent months after LVMH’s takeover of U.S. jeweller Tiffany put pressure on rivals to scale up.

Representatives for Kering and Richemont declined to comment on the report.

Kering, which also owns Bottega Veneta and Yves Saint Laurent, is strong in fashion and leather goods, while Richemont, whose brands include Van Cleef & Arpels and Jaeger-LeCoultre, is best known for watches and jewellery.

But while combining the two would make sense strategically, the family ownership structure at both companies is a big hurdle to what would be the biggest deal ever in the luxury sector.

Kering has a market capitalisation of 74 billion euros ($88 billion) versus Richemont’s 47 billion Swiss francs ($50.8 billion).

Rupert’s family investment vehicle owns 10% of Richemont’s equity, but it has 51% of voting rights due to a complex dual share scheme. Kering is 41%-owned by Artemis, the holding company controlled by the Pinault family.

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%.

UBS said in a note on Monday a deal between Kering and Richemont would create a luxury powerhouse capable of challenging LVMH’s dominance in the market.

“Combining the two mega brands of the soft and hard luxury industry, Gucci and Cartier, could address the perceived higher fashion risk of Kering and the perception of mismanagement of Richemont’s smaller brands in its portfolio,” it said.

© Thomson Reuters 2023 All rights reserved.