Richemont restructuring splits off luxury brands

Shareholders in Richemont voted overwhelmingly in favour of a restructuring plan that will split the luxury goods company in two.

Unveiled by Compagnie Financière Richemont SA, the deal will separate the watch, jewellery, and writing instruments division from the company’s other interests, which include cigarette maker British American Tobacco Plc.

The deal is expected to allow the Geneva, Switzerland-based company to focus more on the luxury goods side of the business.

Richemont’s brands include Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, and Montblanc.