LVMH sets sights on Cartier

French luxury conglomerate LVMH has reportedly set its sights on Cartier, joining its portfolio of jewellery brands including Tiffany & Co. and Hublot.

According to a report from the Swiss newspaper Finanz und Wirtschaft, LVMH is eyeing a takeover of competitor Richemont. If that’s not possible, LVMH wants to acquire Cartier from Richemont, as a complement to Tiffany & Co. which it bought in 2021, per the story.

Best known for its high-end jewellery and watches, taking ownership of the French Jewellery brand would help LVMH grow its jewellery segment to match its leather and luxury fashion sector.

According to the report, the Rupert family, which has a controlling stake in Cartier, is averse to the sale and would likely attempt to resist the sale.

LVMH, which is already the home to over 75 luxury brands, reported revenue growth of 23%, €79.1 billion, for 2022, with the fashion and leather goods segment reaching “record” levels.

The luxury conglomerate saw revenues increase 25%, €38.6 billion, with Louis Vuitton’s revenue surpassing, €20 billion, first time. Growth was also driven by Christian Dior, Celine, Fendi, Loewe and Marc Jacobs.

The watches and jewellery business group recorded revenue growth of 18%, €10.5 billion, , with “sustained creative momentum” from Tiffany, Bulgari and TAG Heuer.