Richemont news and archive

Richemont: luxury group in sights of LVMH's Arnault?

The Swiss luxury group Richemont, which owns Cartier and other jewellery brands, is regularly the subject of takeover rumours which its founder, the South African billionaire Johann Rupert, always dismisses. But Bernard Arnault, chief executive of rival LVMH, the number one in the field, is building up a stake in Richemont -- a move which so far...

ManagementFeatured

18 percent sales decline in Asia Pacific impacts Richemont's Q1

At constant exchange rates, Richemont’s sales in the first quarter rose by 1 percent to 5.3 billion euros, after growing by 19 percent in the prior-year period. The company said that the results demonstrated the group’s resilience in a continuing uncertain macroeconomic and geopolitical environment. Richemont reports sales growth in all regions...

Report

Catherine Rénier to take over as CEO of Van Cleef & Arpels

Richemont has announced that Catherine Rénier, currently CEO of Jaeger-LeCoultre, will succeed Nicolas Bos as chief executive officer of Van Cleef & Arpels, effective September 1, 2024, and will report to him following his recent appointment as Richemont’s CEO. The company said in a release that Rénier, a French national, brings more than 20...

Report

Richemont names Louis Ferla as CEO of Cartier

Richemont has announced that Louis Ferla, currently CEO of Vacheron Constantin, will succeed Cyrille Vigneron as chief executive officer of Cartier, effective September 1, 2024. Vigneron, the company said in a statement, who has decided to retire after eight years at the helm of the maison, will assume the position of chairman of Cartier culture...

Report

Bernard Arnault, LVMH chief, buys shares in Richemont

LVMH chairman and CEO Bernard Arnault has reportedly bought shares in Cartier parent Richemont, the rival luxury group based in Switzerland. Widely seen as a personal investment, Mr Arnault is thought to own a small shareholding and would not directly influence LVMH's corporate strategy or lead to immediate synergies between LVMH and Richemont....

Business

Yoox Net-a-Porter to reportedly shutter China operations

Luxury fashion e-tailer Yoox Net-a-Porter (YNAP) is believed to be in the process of closing up shop in China as it looks to put more emphasis on markets it deems more profitable. The decision was confirmed by a spokesperson for the retailer’s parent company Richemont, who told the Financial Times that the move came as part of a wider global...

News

AZ Academy: AZ Factory to become training centre for fashion school alumni

Fashion brand AZ Factory, founded by the late designer Alber Elbaz, is ceasing all commercial activities as a fashion brand and will instead continue as an academy for fashion alumni, in collaboration with Italian fashion school Accademia Costume & Moda (ACM). The brand reported the news exclusively to US industry news platform WWD on Wednesday....

ManagementFeatured

Richemont reports slow Q4 sales growth, appoints Nicolas Bos as CEO

For the full financial year, Richemont sales increased by 3 percent at actual exchange rates and 8 percent at constant exchange rates to 20.6 billion euros, driven by the jewellery maisons, while operating profit came in at 4.8 billion euros, a 13 percent improvement at constant exchange rates. Fourth quarter sales were down by 1 percent at...

Report

Richemont acquires Italian jeweller Vhernier

Richemont has acquired 100 percent stake in Vhernier, the distinctive Italian jewellery maison, in a private transaction. Founded in Valenza, Italy in 1984 and headquartered in Milan, Vhernier was acquired by the Traglio family in 2001. Commenting on the acquisition, Johann Rupert, chairman of Richemont, said: “Maison Vhernier brings a...

Report

Mytheresa among bidders for Yoox Net-a-Porter

Online retailer Mytheresa is understood to be among the potential bidders looking to snap up rival e-commerce business Yoox Net-a-Porter (YNAP) from luxury group Richemont. According to sources for the Financial Times (FT), German-based Mytheresa is in competition with private equity firms Bain Capital and Permira for the struggling e-tailer....

ManagementFeatured

Richemont Q3 sales increase but Europe drops

At constant exchange rates, Richemont Group sales rose by 8 percent to 5.6 billion euros versus the prior-year period, with increases recorded in almost all regions, channels and business areas. For the nine-month period, the company’s sales increased by 11 percent at constant exchange rates and by 5 percent at actual exchange rates. Highlights...

Retail

Dubai Future Foundation launches luxury retail accelerator

The Dubai Future Foundation has teamed up with Swiss luxury conglomerate Richemont to invite tech start-ups, scale-ups and SMEs from around the world to participate in its new Future of Luxury Retail accelerator programme. In a statement, the Dubai Future Foundation said it is looking for innovators and entrepreneurs across two challenges to...