Shareholders in Compagnie Financière Richemont SA voted yesterday (9 October) to spin off its Richemont luxury goods business as part of a planned restructuring of the firm.

It also intends to sell off its stake in British American Tobacco Plc and set up a separate investment unit called Reinet Investments SCA.

Richemont owns a portfolio of leading international jewellery, watch, writing instrument and accessories brands including the Chloé fashion label.