Richemont shareholders reject proposals from Bluebell

GENEVA, Sept 7 (Reuters): Luxury goods group Richemont successfully batted away proposals from activist investor Bluebell Capital at an annual shareholder meeting Wednesday in which tensions flared.
An overwhelming majority of the Cartier maker's shareholders rejected Bluebell's candidate Francesco Trapani, a former executive of rival LVMH, to represent holders of publicly traded A shares on the group's board and instead opted for current board member Wendy Luhabe.
"I'm happy to see that our shareholders trust the management," Richemont chairman Johann Rupert said, speaking to reporters after the meeting.
"It's not an ideal outcome but a victory to have an A shareholder representative," on the board, Bluebell partner Giuseppe Bivona told Reuters, signalling that the fund does not intend to back down from demands.
"We are very patient," said Bivona.