RICHEMONT: 80% OF VAN CLEEF
PARIS — Compagnie Financiere Richemont AG has increased its majority stake in the prestige jewelry firm Van Cleef & Arpels to 80 percent from 60 percent.
Richemont acquired the additional 20 percent from minority shareholder Fingen SpA, a holding company owned by Marcello and Corrado Fratini, of Gruppo Fratini, the Italian clothing and real estate firm, sources said.
Fingen officials could not be reached for comment and Richemont declined to say why or how it had upped the stake. The heirs of Claude Arpel — a son of Julien Arpels, one of the founders of the 95-year-old firm — retain the balance of the firm’s ownership.
Richemont took the initial majority stake in May 1999 and said it planned to boost the brand’s presence in the U.S. market.