French luxury goods group Kering made an informal offer in January to merge with Switzerland’s Richemont in a deal that would have created a sizeable challenger to industry leader LVMH. But the proposal was rejected, informed sources said.
The rejection came as LVMH completed its acquisition of US jeweler Tiffany & Co on Jan.7, boosting Bernard Arnault’s group and dwarfing Richemont and Kering even further. LVMH taught the industry yet again that size does matter, putting added pressure on Richemont and Kering to reach an agreement.
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