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Richemont split plans unveiled
Hugo Duncan, Evening Standard22.05.08
Swiss designer goods group Richemont was today looking at splitting itself in two as it met market forecasts with an 18% rise in full-year profits.
The owner of Montblanc pens, Piaget watches and the Chloe fashion house said it was considering proposals under which it would split into an upmarket arm based in Switzerland and an investment vehicle based in Luxembourg.
Richemont shareholders would retain their shares in the designer goods business and receive new shares in the investment vehicle, which has interests in British American Tobacco totalling 42% of the company's overall value.
The plans were unveiled as Richemont delivered profits of €1.57 billion (£1.25billion) in the year to 31 March after sales rose 10% to €5.3 billion.
The firm has shrugged off the worst of the credit crunch and consumer slowdown and said it believed the global market for high-end goods was continuing to expand.
However, it said the crisis gripping the global economy was "a cause for concern".
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