Richemont shareholder Bluebell says company response strengthens its cases for board seat

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Watches of Swiss watch manufacturer IWC Schaffhausen are displayed in Zurich

ZURICH – Bluebell Capital Partners still wants a seat on the board of Richemont after the luxury group called on shareholders to reject its candidate and vote for a current board member to represent ordinary investors.

“The company for the first time has acknowledged and agreed that a representative of the A share holders should have the right to be represented on the board,” Guiseppe Bivona, co-CEO of Bluebell told Reuters on Monday. “This is a major win for the market.”

Bluebell’s candidate, Francesco Trapani, represented the best choice for the role, not independent director Wendy Luhabe who has been proposed by Richemont, Bivona added.

(Reporting by John Revill, Editing by Louise Heavens)