The French maker of Brigitte Bardot purses isn’t for sale
after its parent company studied strategic options, Chief Financial Officer
Gary Saage said today on a call with reporters. Richemont can get better
returns by investing in its current brands rather than disposing
underperforming assets, the company decided after finishing a portfolio review,
he said.
Johann Rupert, the South African billionaire who began a
one-year sabbatical from his position as chairman in September, said in May
that the Geneva-based company should have been quicker to cull bad investments.
The departure of the head of Richemont’s fashion and leather-goods businesses
earlier this year sparked speculation that parts of that business might be on
the block after underperforming jewelry and watchmaking brands such as Cartier
and Jaeger-LeCoultre. Read more.
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