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Bernard Arnault: Chairman
built 228 days ago
Bernard Arnault, chairman of LVMH, the French luxury goods group, has dismissed reports that he might buy a controlling stake in Sotheby's, the auction house, according to The Times of London. A. Alfred Taubman, the former chairman of Sotheby's, is under pressure to sell his holding in the
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At least Mr Arnault is not contemplating a lengthy imprisonment. That is the prospect for 76-year-old Alfred Taubman, former chairman of Sotheby's and still its controlling shareholder. His decision to collude with Christie's in fixing commissions on goods sold when the recession of the early 1990s drained the business of its profits cost him personally Dollars 256m in compensation paid out to badly used clients and the prospect of up to three years in jail. He will learn his fate in April.
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Givenchy's chairman, Richard Simonin, echoed Mr. Arnault. "I said I was expecting a renewal," he said. "The renewal is on. I'm quite sure it is a good investment, but it takes time. It's always a long story."
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