Richemont news and archive

Richemont increases revenue: Sale of YNAP not quite as burdensome

Jewellery and watch group Richemont increased its revenue in the past financial year. While the jewellery business grew, watch sales continued to decline, the company, which owns brands such as Cartier and IWC, announced in Geneva on Friday. Excluding the online division YNAP, which it sold, revenue in the financial year to the end of March rose...

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Environmental objectives of luxury groups: Who is aiming for what?

By 2040, Chanel is expected to achieve net-zero greenhouse gas emissions across its entire value chain. With this goal, the company aligns itself with the Paris Agreement signed in 2015, which aims in particular to keep global warming well below 2°C compared to pre-industrial levels by 2100. But what about the other luxury giants? FashionUnited...

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Chloé unveils its first High Summer campaign: A Cinematic Journey to Summer's Essence

Introducing Chloé à la Plage, the first high summer collection by Chemena Kamali, featuring icon and friend of the house, Claudia Schiffer, photographed by David Sims. Chloé à la Plage takes its name from the lyrical films of French New Wave director Eric Rohmer and their idyllic sun-drenched locations in the South of France. It’s an homage to...

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Mytheresa completes acquisition of YNAP

E-commerce specialist Yoox Net-a-Porter (YNAP) now officially has a new owner. On Thursday, Munich-based fashion retailer Mytheresa and Swiss luxury goods group Compagnie Financière Richemont SA (Richemont) announced the completion of their transaction agreed last autumn. Accordingly, MYT Netherlands Parent BV, the listed parent company of...

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Mytheresa secures regulatory clearance for YNAP acquisition

German e-tailer Mytheresa has said that it has received clearance to acquire Yoox Net-a-Porter (YNAP) from the European Commission. With this, the company has now secured all necessary approvals from regulatory authorities to move forward with the sale and plans to close the transaction by April 23, 2025. Mytheresa had first announced its...

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Business|Background

Richemont, a fundamental reorganisation at the top of the watchmaking industry

Richemont Group, officially known as Compagnie Financière Richemont SA, is embarking on a major transformation of its internal organisation. Under the leadership of CEO Nicolas Bos, the Specialist Watchmakers (SWM) division is being dissolved, leading to strategic reassignments within the group's watchmaking companies. Among these changes,...

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Panerai names Emmanuel Perrin as chief executive

Italian luxury watch manufacturer Panerai, part of conglomerate Compagnie Financière Richemont, has appointed Emmanuel Perrin as chief executive officer, effective April 1. Perrin, who is currently head of specialist watchmakers distribution, will succeed Jean-Marc Pontroué, who announced his departure from the company this week after a 25-year...

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Richemont announces senior executive committee changes

Switzerland-based luxury goods company Richemont has announced changes to its board of directors and senior executive committee (SEC), effective immediately. The company stated that Catherine Rénier, chief executive officer of Van Cleef & Arpels, Louis Ferla, CEO of Cartier, and Marie-Aude Stocker, chief people officer of Richemont, have been...

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Luxury’s uneven runway: LVMH takes a tumble as rivals soar

French conglomerate LVMH, traditionally among the last to disclose its financials during the reporting season, has delivered results that not only fell short of market expectations but also lagged behind the momentum exhibited by some of its contemporaries. In contrast, Richemont, the parent company of Cartier, delivered a strong and unexpected...

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2025: A year of challenges for the luxury sector

Paris - A slow-to-recover Chinese market, the risk of new American taxes, and "weary" consumers: the luxury industry faces significant challenges in 2025, following a 2024 already disrupted by slowing consumption. The heady post-Covid years, when luxury groups recorded insolent double-digit growth, seem a distant memory. Major groups like Hermè...

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Demand for 'hard luxury' takes Richemont to new heights

Richemont, the Swedish luxury conglomerate, has reached a market value of more than 100 billion Swiss francs (about 88.9 billion pounds) for the first time. Richemont's shares rose 0.5 percent to 169.15 Swiss francs, marking the sixth consecutive day of gains, Bloomberg reported. In the third quarter of fiscal year 2024/25, Richemont achieved a...

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Mytheresa nominates Richemont CFO Burkhart Grund to supervisory board

Mytheresa has announced the appointment of Burkhart Grund, chief financial officer of Richemont, as a new supervisory board member, following the completion of its acquisition of YNAP. “We are pleased to welcome Burkhart Grund, a highly experienced financial expert, to our board,” said Nora Aufreiter, chair of the supervisory board of Mytheresa....