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RICHEMONT news and archive

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...

Jan 18, 2023

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...

Jan 16, 2023

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...

Nov 11, 2022

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...

Nov 11, 2022

Business

Richemont shareholders vote against activist investor’s board candidate

Following its 2022 annual general meeting, luxury conglomerate Richemont has announced that its shareholders have voted in favour of the re-appointment of all board members who had stood for re-election this year. The move follows tension between the group and its activist investor Bluebell Capital Partners, which had put forward Francesco...

Sep 8, 2022

BusinessFeatured

Richemont to sell YNAP stake to Farfetch and Alabbar

Luxury conglomerate Richemont has confirmed that it is selling its stake in online fashion retailer Yoox Net-A-Porter (YNAP) to Farfetch and Alabbar, while also announcing its brands and YNAP will be switching to Farfetch Platform Solutions as part of its Luxury New Retail vision. Richemont said in a statement that Farfetch will acquire a 47.5...

Aug 24, 2022

Report

Richemont chairman disapproves of activist shareholder’s board proposal

Johann Rupert, the chairman of luxury conglomerate Richemont, has slammed an activist shareholder’s proposal to nominate former Bulgari CEO Francesco Trapani to its board. Fund manager Bluebell proposed that, alongside the board election, the company designated Trapani as representative of all holders of the company’s ‘A’ shares. In a letter to...

Aug 15, 2022

Business

Richemont requests shareholders to vote against activist investor board candidate

Luxury group Richemont has requested for its shareholders to vote against a candidate backed by its activist investor Bluebell Capital Partners. The request comes ahead of the group’s annual general meeting, set to be held on September 7. Bluebell said it is hoping to gain a board seat for Francesco Trapani, the former head of Bulgari and the...

Aug 8, 2022

People

Watch and Jewellery initiative 2030 names executive director

The Watch and Jewellery initiative 2030 (WJI2030), a sustainable collaboration founded by Cartier, Richemont and Kering in October 2021, has appointed Iris Van der Veken as executive director and secretary general. Van der Veken has more than twenty years of experience in the jewellery, fashion and technology industries and was the former...

Jul 25, 2022

Report

Richemont fund manager requests board change

Compagnie Financière Richemont has said that Bluebell Capital Partners, a fund manager, has requested a number of board changes be added to the agenda for the luxury conglomerate’s upcoming annual meeting. As part of its request, Bluebell is asking that the company designates a representative of the holders of ‘A’ shares, which are listed on the...

Jul 19, 2022

People

Richemont announces passing of former deputy chairman

Luxury conglomerate Richemont has announced that its former deputy chairman, Maître Jean-Paul Aeschimann, has passed away. Aeschimann served in his role on the group’s board of directors for 22 years, from its foundation in 1988 to 2010. During his time at the company, he was also chairman of the audit committee and a member of the compensation...

Jul 1, 2022

Business

Richemont shares ESG achievements in 2022 Sustainability Report

Swiss luxury group Richemont has released its annual Sustainability Report, sharing details of its ongoing Environmental, Social and Governance (ESG) performance for the past year and its achievements in the area. Its position in ESG has been driven by new appointments within its leadership team, including the introduction of a chief...

Jun 2, 2022