Richemont news and archive

Farfetch faces turbulence, postpones quarterly report as privatisation rumours emerge

Farfetch, the e-commerce platform founded by José Neves, has decided to postpone its quarterly report and related conference call with analysts. This move comes amid a challenging period for the company, marked by a significant decline in market capitalization from 26 billion dollars in 2021 to 740 million dollars. As has been well publicized,...

ManagementFeatured

Farfetch mulls going private, Richemont to review YNAP deal

Luxury e-commerce giant Farfetch is reportedly mulling a potential offer that would delist the company and take it private, as pressure on stock remains persistent. Such a move is speculated to happen very soon, according to The Telegraph which initially reported the news. While Farfetch had declined to comment on the report, the company later...

BusinessFeatured

What does the future have in store for Farfetch?

Farfetch’s future, following the finalisation of its agreement with Richemont in regards to the acquisition of Yoox Net-a-porter (YNAP), has concerned the market. Will José Neves, founder of Farfetch, be able to bounce back? The Richemont group can breathe easy. The green light given to the deal at the end of October by the European Commission's...

Report

Richemont’s director of operations joins executive committee

Luxury conglomerate Richemont has announced that its group director of operations, Karlheinz Baumann, is to join its senior executive committee, effective November 10, 2023. Baumann, who oversees the company’s manufacturing, research, customer service and logistics, among other things, will continue to report to Richemont’s chief executive...

ManagementFeatured

Richemont records sales increase in the third quarter

Richemont sales for the six month period grew by 6 percent compared to the prior period at actual exchange rates and by 12 percent at constant exchange rates. Richemont posts sales growth across core markets The company said in a statement that sales grew in all regions, with the exception of the Americas. Growth was led by Asia Pacific where...

Report

Richemont, Farfetch receive EU antitrust green light for YNAP acquisition

Luxury conglomerate Richemont has received approval from the European Commission (EC) to go ahead with its sale of Yoox Net-a-Porter (YNAP) to luxury fashion platform Farfetch. Richemont, the group behind brands including Cartier and Montblanc, announced last year plans to sell a 47.5 percent stake in Italy’s YNAP to the UK’s Farfetch....

Business

Europe's luxury stocks took a 25 billion dollar hit

Luxury-goods stocks in Europe plummeted this week, losing over 25 billion dollars in market value, reported Bloomberg, primarily due to concerns raised by Richemont Chairman Johann Rupert about inflation impacting regional demand. LVMH, formerly Europe's largest company, saw a 3.6 percent drop in its stock price, reducing its market...

People

Richemont launches beauty division, appoints new CEO

Richemont has launched a new beauty division, Laboratoire de Haute Parfumerie et Beauté, and appointed a CEO to head its new category. In an announcement made on Wednesday, Richemont said it hired Boet Brinkgreve as the newly created role of CEO of Laboratoire de Haute Parfumerie. Mr Brinkgreve, a Dutch national, commenced the role on September...

Report

Richemont acquires controlling stake in Italian shoemaker Gianvito Rossi

Luxury group Richemont has announced the acquisition of a controlling stake in Italian shoemaker Gianvito Rossi for an undisclosed sum. The founder, CEO and creative director of the eponymous brand will retain a stake in the company and has been tasked with continuing to develop the house alongside Richemont. In a release, Philippe Fortunato,...

Business

Is Richemont eyeing luxury shoe brand Gianvito Rossi?

According to various Italian news outlets, Swiss luxury group Richemont has made a 100 million euro offer for Gianvito Rossi, an Italian luxury shoe brand. Richemont has reportedly outbid Diesel parent OTB, which has also expressed interest in making new acquisitions. Richemont, known for its strong hard accessory brands like Cartier and Van...

ManagementFeatured

Richemont Q1 sales up 14 percent as Asia offsets 'muted' America performance

Swiss luxury giant Richemont has reported a 14 percent increase in revenue in the first quarter as its Asia market continued to recover post-pandemic and offset a drop in sales in the Americas. Sales were up 19 percent at constant exchange rates. The group, whose portfolio includes Chloé and Cartier, reported growth across all business areas,...

People

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...