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Richemont Trades as Luxury Company After Spinoff (Update3)  

Cie. Financiere Richemont SA, the world's largest jewelry maker, traded for the first day as a standalone luxury company after spinning off tobacco and technology investments.

Richemont, the maker of Cartier necklaces and Vacheron Constantin watches closed at 25.90 Swiss francs today in Zurich trading. Shareholders this morning received one share in Reinet Investments SCA for each of their Richemont shares. Reinet began trading at 13.25 euros in Luxembourg.

Richemont traded above the median estimate of eight analysts for the shares to be valued at 20 francs, excluding Reinet. The spinoff makes Richemont more attractive to investors who want a ``pure'' luxury company without a stake in British American Tobacco Plc, the maker of Lucky Strike cigarettes, Rogerio Fujimori, an analyst at Credit Suisse, wrote yesterday.

``This is a clear thumbs-up to the transaction,''

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