Richemont has asked its shareholders to reject the candidate proposed by Bluebell Capital Partners at the upcoming annual general meeting.
Among the main shareholders of the luxury group Richemont are the investment funds The Vanguard Group (2.58% of the capital), Norges Bank Investment Management (2.27%), Rupert Family (1.54%), BlackRock (1.43%) or the American pension fund Artisan Partners (1.26%). Activist fund Bluebell Capital Partners, meanwhile, has invested in the luxury group for the past year and a half and reportedly holds a stake worth $109 million, according to Reuters.
Bluebell is seeking a seat for Francesco Trapani on the board. A former director of Italian luxury brand Bulgari and co-founder of Bluebell, he may be elected at the upcoming general meeting on September 7.
Bluebell wants Richemont to focus on jewelry and watches, saying that this could double its share price in the medium term.
But Richemont doesn’t see it that way and has asked its shareholders to reject the candidate proposed by Bluebell Capital Partners. “After careful consideration, the board of directors recommends voting against the nomination of Bluebell’s candidate as representative of the holders of ‘A’ shares and against the election of this person to the board of directors,” Richemont said.
Instead, Richemont is nominating independent director Wendy Luhabe as its shareholder representative. “The board further recommends voting against Bluebell’s proposed amendments to the company’s articles of association” the group added.
Bluebell, which last year triggered a management shake-up at French food group Danone, also wants to increase the minimum number of Richemont board members to six and have an equal number of A and B shareholder representatives on the board. Richemont has 522 million “A” shares, listed on the SIX Swiss Exchange, and the same number of “B” shares, unlisted and representing 9.1% of its equity.
Featured photos : © Cartier
What's Your Reaction?
Passionnée depuis son plus jeune âge par l’art et la mode, Hélène s’oriente vers une école de stylisme, l’Atelier Chardon-Savard à Paris, avec une option Communication. Afin d’ajouter des cordes à son arc, elle décide de compléter sa formation par un MBA en Management du Luxe et Marketing Expérientiel à l’Institut Supérieur de Gestion à Paris dont elle sort diplômée en 2020. Elle a notamment écrit des articles lifestyle et beauté pour le magazine Do it in Paris et se spécialise en rédaction d’articles concernant le luxe, l’art et la mode au sein du magazine Luxus Plus.********** [EN] Passionate about art and fashion from a young age, Hélène went to a fashion design school, Atelier Chardon-Savard in Paris, with a Communication option. In order to add more strings to her bow, she decided to complete her education with an MBA in Luxury Management and Experiential Marketing at the Institut Supérieur de Gestion in Paris from which she graduated in 2020. She has written lifestyle and beauty articles for Do it in Paris magazine and specializes in writing articles about luxury, art and fashion for Luxus Plus magazine.