Activist fund Third Point building stake in Cartier owner Richemont

An activist hedge fund has built a stake in Swiss luxury brands group Richemont, it was reported on Monday, in a bid to pressure the Zurich and Johannesburg-traded company into turning around its performance.

According to fashion news outlet Miss Tweed and the Financial Times, New York-based Third Point Management, alongside Artisan Partners which has a 1.2% stake in the owner of Cartier, Dunhill and Montblanc, were behind the move.

It was reported that Third Point and Artisan were looking to put pressure on Richemont, controlled by South African billionaire Johann Rupert, to improve its financial performance, even though its shares had risen more than 50% so far this year.

Reuters said Richemont was declining to comment on Monday morning.