Richemont’s board and even proxy advisers had recommended rejecting Trapani, seen as too close to bling rival LVMHThe 50% abstention rate among A shareholders, however, suggests many investors were undecided, making the victory less resounding. That may encourage other activists to have a go. Improving communication might be one way for Richemont to keep shareholders on side, for example reporting full results every quarter. The jeweller’s best defence is, in any case, its performance.
. Figuring out whether to keep the struggling fashion and accessories division could be another one.
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