Worn & Wound
Opinion: Maybe One Group Controlling All the Major Luxury Brands Would Be Bad?
It’s been a slow few months in the watch industry. Not at all uncommon in the summer, and we haven’t even hit the real sleepy months yet, when most of Europe goes on holiday and American watch media is confronted with the reality that we’re working a beat that doesn’t really exist for a short period of time. But there was real news last week: Bloomberg reported that LVMH CEO Bernard Arnault owns a (small) personal stake in the Richemont Group, his closest rival in the luxury goods space. Once the news broke, many began to speculate. Hey, it’s a slow summer – speculating is what keeps us awake. Could this be a sign that LVMH is positioning itself to buy the Richemont Group? Could that even happen? What’s the actual point of antitrust laws anyway? Bernard Arnault There’s no actual indication, of course, that Arnault wants to purchase Richemont. The holdings, according to Bloomberg, are part of a larger portfolio of Arnault family investments that include many publicly traded companies. No comment as of yet from Richemont or LVMH, although as many outlets are reporting, LVMH has a history of buying an interest in their rivals. We live in a world where insane wealth becomes more insane every year, so it’s not a huge mental leap to think that Bernard Arnault, who on any given day might be the world’s wealthiest man, could have eyes on getting even richer. Taking an ownership stake in Richemont would almost certainly do that. It likely already has – Ric...
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