Billionaire LVMH CEO Bernard Arnault Confirms Personal Stake in Richemont

Bernard Arnault, CEO of LVMH, has confirmed owning a small personal stake in Richemont, the Swiss luxury goods company known for brands like Cartier and Alaïa. He clarified that this investment is separate from LVMH’s corporate strategy.

This announcement comes as LVMH faces challenging financial results, with a 1 percent revenue decrease and a 14 percent profit decline in the first half of 2023. Arnault highlighted that the stake in Richemont is part of his family’s broader investment portfolio and emphasized his positive relationship with Richemont’s controlling shareholder, Johann Rupert.

Arnault mentioned that he knows Johann Rupert well and assured that he would never act against him. He explained that the acquisition of shares was merely a decision by his portfolio manager and reiterated that it is a very minor stake. Arnault expressed admiration for Rupert’s accomplishments with Richemont, Cartier, and Van Cleef and acknowledged Rupert’s desire for Richemont to remain independent, a sentiment Arnault fully supports.

Despite the small size of the stake, its existence has prompted speculation about potential future interactions between these two luxury giants, especially given their significant roles in the jewelry market. LVMH’s recent performance showed varied results globally, with growth in Europe, the US, and Japan, while Asia saw increased spending by Chinese tourists abroad.

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