Who'll be crowned the king of bling? - Business Analysis & Features, Business - The Independent: "As jewel heists go, this was the Big One – the richest and shiniest ever. Bernard Arnault, the wealthiest man in Europe, and boss of the world's largest luxury goods empire, LVMH, yesterday smashed and grabbed his way to control of the officially 'unsaleable' Italian jewellery company, Bulgari, bauble-maker to the stars. It was, of course, a perfectly legal raid, which could cost LVMH up to €4bn in shares and cash for a company which has been family-owned since 1884.
Mr Arnault, 61, has had a long rivalry with the second largest luxury goods empire in the world – PPR, built by another French self-made billionaire, François Pinault. The capture of Bulgari signals war on a glittering new front against Richemont, the jewel-laden, third largest global luxury goods empire, based in Switzerland and assembled by South African tycoon, Johann Rupert, 60.
The commercial clout of LVMH – with more than 2,500 shops around the world – will be used to challenge Richemont, and especially its leading jewellery brand, Cartier. This will also be a clash in styles between the urbane, arts-loving socialite Mr Arnault and the reclusive Mr Rupert.
0 comments:
Post a Comment