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Bernard Arnault Confirms He Owns ‘Very Minor Stake’ in Richemont

LVMH CEO tries to cool speculation around stake in rival
Luxury goods companies have suffered a slowdown in demand

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By Angelina Rascouet

July 26, 2024 at 1:22 PM UTC

This article is for subscribers only.

Bernard Arnault confirmed he bought a small stake in Cartier owner Richemont, as the chief executive officer of rival luxury conglomerate LVMH seeks to cool speculation about his intentions.

“I know well the owner, Mr Johann Rupert, of Richemont,” Arnault said in an interview on CNBC broadcast Friday. “And we have a good relationship and I told him that I will never do anything against him. That’s clear.”