Richemont Restructuring Plan Approved By Shareholders

On October 9, 2008, Richemont shareholders voted strongly to approve a complex restructuring plan the prominent luxury group had proposed in August.  

In a generalized overview, the Richemont restructuring involves the separation of Richemont's luxury good businesses such as watches, writing instruments and jewelry from its holdings in British American Tobacco Plc (BAT).  Effective on October 20th, the first phases of the plan will commence, establishing Compagnie Financiere Richemont and the Luxembourg-based investment vehicle Reinet as two separate entities.  

Beyond the benefits which shareholders will realize, the restructuring will enable Richemont to intensify its focus as a leader in the category of luxury goods.  Among the luxury brands in the Richemont portfolio are A. Lange & Sohne, Baume & Mercier, Cartier, IWC, Jaeger-LeCoultre, Officine Panerai, Montblanc, Montegrappa, Piaget, Roger Dubuis, and Vacheron Constantin.