Richemont news and archive

Gabriela Hearst to exit Chloé

Gabriela Hearst is reportedly set to present her final collection for Chloé during the Spring/Summer 2024 season at Paris Fashion Week. The Uruguay-born, New York-based designer, is set to exit the French fashion house, according to WWD. While an official statement is yet to be released by both Hearst and Chloé's parent company, Richemont, it is...

ManagementFeatured

Richemont records strong sales growth

For the year ended March 31, 2023, Richemont reported sales from continuing operations increased by 19 percent at actual exchange rates and 14 percent at constant exchange rates to 19, 953 million euros. Compared to the prior year, gross profit increased by 23 percent to 13, 716 million euros and the corresponding gross margin rose to 68.7...

PeopleFeatured

Dunhill names Simon Holloway as creative director

Luxury British menswear and accessories brand Dunhill has named Simon Holloway as its new creative director, effective immediately. Holloway joins from fellow Richemont Maison James Purdey & Sons, where he has served as creative director overseeing the brand's growing clothing and accessories collections since January 2022. Before that, he...

Business

Richemont launches digital platform to deter global watch and jewellery theft

Luxury brand holder Richemont announced the launch of a new digital platform called Enquirus that will help to reduce watch and jewellery related crime. This solution brings together stakeholders from multiple levels, and facilitates cooperation beyond borders between security forces and insurance associates, while enabling free access for...

BusinessFeatured

Could LVMH be considering a Richemont takeover?

In the world of dominant luxury conglomerates, no move goes unnoticed, particularly when it comes to a clash of competition. This could be true for none other than LVMH, which currently finds itself in the rumour mill after reports stated the group was mulling a takeover of its direct competitor, Richemont. Initially reported by Swiss newspaper...

Fashion Featured

Pre-owned luxury watches are seeing a surge in falling prices

Watchfinder & Co, the online destination for pre-owned luxury timepieces, is lowering prices by 15 percent, as a reflection of the luxury watch market at large. The Richemont-owned company told Bloomberg an increase in supply has affected demand, with prices for well-known models Rolex, Patek Philippe and Audemars Piguet having dropped...

Management

Richemont names two new eco-focused execs

Luxury conglomerate Richemont has announced the appointment of two new executives, both of which come with a focus on sustainability. Bram Schot has been nominated by the group for election to the board of directors, subject to the approval of shareholders at its upcoming annual general meeting on September 6. Serving as a non-executive...

Business

UK watchdog launches investigation into Richemont's sale of YNAP to Farfetch

The UK’s Competition and Markets Authority (CMA) launched a probe into Richemont’s sale of e-commerce businesses Yoox Net-a-Porter (YNAP) to Farfetch, and if they may pose unfair competition. The CMA has invited comments on the transaction from any interested party, as it takes a deep dive into the merger situations, which is regulated by the...

ManagementFeatured

Richemont Q3 sales up 8 percent despite Covid impact in mainland China

Swiss luxury giant Richemont has reported an 8 percent increase in sales in the third quarter of the year despite a resurgence of Covid impacting its important mainland China market. Total group sales came in at 5.4 billion euros in the three months to December 31, up from the 4.98 billion euros reported a year earlier. On a constant currency...

Business

YNAP fined 5.25 million euros by Italian watchdog for misleading pricing

Luxury pureplayer YNAP, which operates the Net-a-Porter and Yoox e-commerce businesses, was fined 5.25 million euros by Italy’s antitrust body. The hefty fine for misleading prices came as the etailer was alleged to limit the right to return merchandise purchased between 2019 and 2022. Shoppers experienced limited rights to return merchandise...

ManagementFeatured

Richemont posts H1 loss, while sales increase by 24 percent

In the first six months of the year, Richemont reported sales increase of 24 percent at actual exchange rates and 16 percent at constant exchange rates to 9.7 billion euros. Operating profit from continuing operations increased by 26 percent to 2.7 billion euros, delivering improved operating margin of 28.1 percent. The company recorded a 40...

Report

Richemont chief people officer appointed to senior executive committee

Richemont has announced the appointment of its chief people officer Patricia Gandji to the group’s senior executive committee, effective November 11, 2022. Gandji, who also serves in the role of CEO of regions, will continue to report to the luxury conglomerate’s CEO Jérôme Lambert. In a release, the group said Gandji brings around 30 years of...