Richemont: buys 5 percent stake in Dufry.

(CercleFinance.com) - Swiss stock exchange operator SIX published a regulatory announcement on Friday, detailing that luxury goods group Richemont has taken a 5% stake in travel retail specialist Dufry.


In the publication, Richemont states that it now has 2,693,586 voting rights, representing 5.000001% of Dufry's share capital.

"Richemont has several unresolved distribution problems," analysts at Exane reacted this morning.

"Travel retail could be a solution to convey small leather goods, which are key in driving the recovery at Montblanc, and could be more relevant for Cartier too," the broker added.

"LVMH has shown in the past twenty years, that "selective retail" - more so with Sephora - has been a significant driver of value creation," it said.

The Richemont stock was up 0.9% at 81.5 Swiss francs, while at the same time Dufry shares were jumping over 6.7% at 171.4 Swiss francs.

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