In big breaking news, Richemont Luxury Group has taken a stake of just over 5% stake in the world’s leading travel retailer Dufry.
Under Swiss Stock Exchange (SIX) regulations, any holding of more than 3.0% must be publicly disclosed with 24 hours. Richemont Luxury Group is the direct shareholder while the beneficial owner/persons that can exercise the voting rights at their own discretion is Compagnie Financiere Rupert of Geneva, Switzerland.
Richemont has picked up 2,693,856 rights and voting rights, respectively and precisely 5.000001 % as a percentage of voting rights.
The surprise news comes hot on the heels of HNA Group of China acquiring 16.79% of Dufry.
Richemont owns several of the world’s leading luxury goods companies, with particular strengths in jewellery, luxury watches and premium accessories.
The Group’s luxury interests encompass several of the most prestigious names in the sector, including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC Schaffhausen, Panerai and Montblanc.
Richemont’s arch luxury goods rival LVMH is the majority shareholder in Dufry sector peer, DFS Group. Co-Founder Robert Miller remains DFS’s co-owner.
In the year ended 31 March 2017, Richemont posted a -4% decrease in sales, which it said reflected a growth in retail sales offset by a decline in wholesale business. Operating profit fell -14%.
The second half of the year, though, saw an improvement. The USA, Richemont’s largest market, resumed growth while Mainland China, now the Group’s second largest market, enjoyed strong growth along with South Korea, the UK and Macau.