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Activist Bluebell wants Richemont to focus on jewellery, watches – Reuters

Watches

The logo of the luxury goods company Richemont is pictured at its headquarters in Bellevue near Geneva, Switzerland, June 2, 2022. REUTERS/Denis Balibouse

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ZURICH, July 20 (Reuters) – Bluebell Capital Partners wants Swiss luxury goods group Richemont (CFR.S) to concentrate on jewellery and watches, the activist fund manager told Reuters on Wednesday, saying such a move could double its share price in the medium term.

“We would like them to focus on what they are good at, which is hard luxury — jewellery and watches,” Bluebell partner Marco Taricco said in a telephone interview, a day after it emerged that the fund was seeking board changes at Richemont. read more

Sharpening its focus would help Richemont narrow the discount in valuation to French group Hermes (HRMS.PA), Taricco said, suggesting Richemont rename itself the Cartier group to capitalise on its “fantastic, iconic brand”.

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London-based Bluebell, with around 250 million euros in assets, grabbed the spotlight last year when its campaign at French group Danone (DANO.PA) led to a management overhaul.

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Source: https://www.reuters.com/business/retail-consumer/activist-bluebell-wants-richemont-focus-jewellery-watches-2022-07-20/

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