Luxury goods giant Richemont on Monday reiterated its request to its shareholders to reject the candidate of London-based fund Bluebell Capital Partners at the upcoming annual general meeting on 7 September. The Swiss luxury giant considers this candidate “inappropriate” for election to the board, because of his long-standing proximity to the LVMH group, one of Richemont’s main competitors, and its shareholders.
It should be recalled that last July, Bluebell had asked Richemont’s board of directors to welcome a member representing holders of “A” shares and called for a refocusing on its core activities. Indeed, the London-based fund is seeking the appointment of Francesco Trapani, former director of the Italian luxury house Bulgari and co-founder of Bluebell.
However, Richemont continues to oppose this appointment and is arguing for the election of its director Wendy Luhabe, a current board member since 2020, to represent the “A” shareholders.
The Geneva-based group also recommended that shareholders reject Bluebell’s proposal that all directors be classified as representing either A or B shares, and that the number of directors from both shareholder groups be equal.
Featured photo : © Richemont