Shareholders of Richemont, one of the world’s top luxury goods groups, on Oct. 9 overwhelmingly approved its restructuring.
The plan, unveiled by Compagnie Financière Richemont SA in August, will split the Geneva, Switzerland-based company in two, separating its luxury goods business—including watches, jewelry and writing instruments—from its interests in British American Tobacco Plc, Europe’s largest cigarette maker.
The move, say analysts, puts even greater focus by the company on its luxury goods business.
Implementation of the plan, which includes a new, additional investment vehicle called Reinet, will begin Oct. 20.
Richemont’s luxury goods portfolio include Cartier and Van Cleef & Arpels (jewelry); Baume & Mercier, IWC, Jaeger-LeCoultre, A. Lange & Söhne, Officine Panerai, Piaget, Roger Dubuis, and Vacheron Constantin (watches); and Montblanc and Montegrappa (writing instruments).