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Luxury-Goods Conglomerate Considers Shedding Its Stake In British-American Tobacco
Jump to full article: The Wall Street Journal Interactive Edition, 2007-11-20
Author: John Foley and Robert Cyran
Intro: It's official -- smoking is no longer cool. Cie. Financiére Richemont, the Swiss luxury-goods conglomerate that owns such chic brands as Cartier, Montblanc and Chloé, is considering splitting off its 19% stake in British American Tobacco after eight years. The decision is primarily related to a change to the taxation of holding companies based in Luxembourg. It also is a sign of confidence in the luxury-goods market that Richemont is prepared to give up its nicotine dependence.
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