Compagnie Financière Richemont SA ( OTCPK:CFRUY ) chairman Johann Rupert rebutted calls from activist investor Bluebell Capital Partners to shake up the luxury brand’s board.
Rupert noted that the activist asset manager has ties to LVMH ( OTCPK:LVMHF ). Namely, Bluebell co-founder Francesco Trapani was the CEO of Italian luxury brand Bulgari prior to its acquisition by LVMH. He was also on LVMH's board for 5 years following the acquisition.
The letter to shareholders urging a vote against the board reshuffle at the company’s September 7 investor meeting adds to consistent statements from Rupert resisting such a change.
“Our board might be slower and more conservative than other boards,” Rupert said on August 8. “But its openness and collegiality are exactly its asset. I am not going to give in to coercion.”
Read more about the previous activist campaign waged by Third Point in 2021 .
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Richemont again rebuffs activist investor ahead of shareholder vote