08 Oct. 2008
RICHEMONT GETS GREEN LIGHT FOR RESTRUCTURINGCertificate holders of Richemont SA have voted to approve proposed plans to restructure the business. The plans include separating its luxury goods business from its other interests and distributing 90% of the Group’s shareholding in British American Tobacco pcl to to unitholders. The company will also form a separate investment vehicle known as Reinet Investments SCA, to be listed on the Luxembourg Stock Exchange and traded independently from the luxury goods business. The first phase of restructuring could be as early as October 20, 2008. Richemont owns some of the world’s best known luxury goods brands, including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai and Montblanc, as well as the leather and accessories houses of Dunhill and Lancel, and Chloé.
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