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Pursuits

Richemont Boss Rupert Quashes Talk of Deals with LVMH or Kering

  • Billionaire founder says LVMH never made any direct approach
  • Rupert says Richemont decided against Kering deal years ago
Cartier luxury watches on display in Omaha, Nebraska. 

Cartier luxury watches on display in Omaha, Nebraska. 

Photographer: Houston Cofield/Bloomberg
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Johann Rupert, the controlling shareholder of Swiss luxury goods conglomerate Richemont, dismissed talk of a takeover by bigger rival LVMH or a combination with Kering SA.

The billionaire said he was in constant “friendly” dialogue with LVMH Chairman Bernard Arnault, but the Cartier owner has no interest in a deal with the French company and isn’t for sale. He referred to the speculation as an “erroneous story.”