Richemont refuses to withdraw recommendation against Bluebell's board candidate

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 at the annual general meeting on Sept. 7.

Bluebell earlier this month rejected claims by the Cartier jewellery maker that its candidate for the luxury company's board, Francesco Trapani, would not act independently.

"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 in a response.

"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."