Activist investor Third Point builds stake in Richemont - report

  • 11/8/2021
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ZURICH, Nov 8 (Reuters) - Activist hedge fund Third Point has built a stake in luxury goods group Richemont, online news platform Miss Tweed and the Financial Times reported. Third Point, controlled by billionaire investor Daniel Loeb, and U.S.-based fund Artisan Partners, which has a 1.2% stake in Richemont, are pressing the owner of jewellery brand Cartier to improve its performance, the media reports said, citing sources familiar with the matter. Richemont, whose shares have risen more than 50% this year, declined to comment. The group is controlled by South African billionaire Johann Rupert. Reporting by Silke Koltrowitz, Editing by Louise Heavens

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