Acquisition of Les Manufactures Horlogères SA - Supervisory Board of Mannesmann AG approves transaction

Further to the announcement of 21 July 2000 of its agreement to acquire Les Manufactures Horlogères SA from Mannesmann AG, Richemont announces that this transaction has now been approved by the Supervisory Board of Mannesmann AG. The agreement continues to be subject to certain regulatory clearances and is expected to close by the end of September 2000.