Luxury goods group Richemont shrugged off pressure from Bluebell Capital as shareholders voted down the activist investor’s board candidate at the annual general meeting (AGM) on Wednesday.

A 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.

By Silke Koltrowitz and Mimosa Spencer; Editor: Edmund Blair

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Richemont Wins Support of Proxy Adviser Against Activist Investor

A prominent advisory firm told shareholders to vote against Bluebell’s board nominee at a Sept. 7 annual meeting, saying the activist investor failed to make a compelling case for change.