ZURICH -Richemont said on Wednesday it would not withdraw its recommendation that shareholders vote against the appointment of investor Bluebell Capital Partners' co-founder to the luxury goods firm's board, citing his links to rival LVMH Moet Hennessey Louis Vuitton.
Richemont chairman Johann Rupert earlier this month called on shareholders to reject the appointment of Francesco Trapani at the shareholders' meeting on Sept. 7.
Bluebell called Richemont's claims "specious and unreasonable" and said Trapani had ceased to hold "any executive position, directorship and advisory role" at LVMH in 2016.
Trapani was the chief executive of Bulgari when it was bought by LVMH in 2011 and was on LVMH's board of directors from 2011 to 2016 where he was also adviser to Bernard Arnault, its CEO and chairman.
Richemont said on Wednesday that Bluebell had asked it to withdraw its recommendation and had said that it was inadmissible because it was made without a valid reason under Swiss law.
"In the company's case, it will be up to the holders of 'A' shares to choose a representative and then to all shareholders, including the holder of 'B' shares, to determine if there is a valid reason not to elect this representative," said Richemont.
"Contrary to what Bluebell seems to believe, the role of the Board is therefore not to make a determination as to whether there is a valid reason not to elect Mr Trapani."
