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Richemont

From Wikipedia, the free encyclopedia
For other uses, see Richemont (disambiguation).
Compagnie Financière Richemont S.A.
Company typePublic (Société Anonyme)
IndustryLuxury goods
PredecessorRembrandt Group Limited
Founded1988; 36 years ago (1988) in Geneva, Switzerland
FounderJohann Rupert
Headquarters
Bellevue
,
Switzerland
Area served
Worldwide
Key people
Nicolas Bos (CEO)

Jérôme Lambert (COO)

Johann Rupert (Chairman)
Products
RevenueIncrease €19.95 billion[1] (2023)
Increase €5.031 billion[1] (2023)
Decrease €0.301 billion[1] (2023)
Total assetsIncrease €40.89 billion[1] (2023)
Total equityDecrease €19.02 billion[1] (2023)
OwnerCompagnie Financière Rupert (Rupert family) (10% equity, 51% voting power)[1]
Number of employees
33,959[1] (2023)
Divisions
  • Jewellery Maisons
  • Specialist Watchmakers
  • Other Businesses
SubsidiariesSee § Subsidiaries
Websiterichemont.com

Compagnie Financière Richemont S.A., commonly known as Richemont, is a Switzerland-based luxury goods holding company founded in 1988 by South African businessman Johann Rupert. Through its various subsidiaries, Richemont produces and sells jewellery, watches, leather goods, pens, firearms, clothing, and accessories. Richemont is publicly traded as CFR on the SIX Swiss Exchange[2] and the JSE.[3]

The brands it owns include A. Lange & Söhne, Alaïa, AZ Factory, Baume & Mercier, Buccellati, Cartier, Chloé, Delvaux, Dunhill, IWC Schaffhausen, Jaeger-LeCoultre, Montblanc, Mr Porter, Net-a-Porter, Panerai, Piaget, Peter Millar, Purdey, Roger Dubuis, Serapian, The Outnet, TimeVallée, Vacheron Constantin, Van Cleef & Arpels, Vhernier, Watchfinder & Co., and Yoox.

As of 2017, Richemont was the third-largest luxury goods company in the world after LVMH and Estée Lauder Companies.[4] As of October 2023, Compagnie Financière Richemont S.A. was the sixth-largest corporation by market capitalization in the Swiss Market Index.[5]

History

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Johann Rupert founded Compagnie Financière Richemont S.A. when he spun off the international assets of Rembrandt Group Ltd. (now Remgro Limited), a South Africa-based company founded in the 1940s by his father, Anton Rupert.[6][7] The division, originally founded on 5 March 1979 as Intercontinental Mining and Resources S.A., was later renamed IMR Group S.A. on 31 March 1987 and finally Richemont S.A. on 17 August 1988. The spin-off was completed on 20 September 1988. The luxury goods investments of Rembrandt Group combined with Rothmans International formed the initial group of Richemont subsidiaries.[8][9]

In October 2008, the Group divested all of its remaining interests in the tobacco industry.[10]

As of 2014, Richemont is the second-largest luxury goods company in the world after LVMH.[11]

In 2015, Richemont's Net-a-Porter Group was merged with the YOOX Group in an all-share transaction.[12][13] In August 2022, Richemont announced the prospective sale of a 47.5% stake in Yoox Net-a-Porter (YNAP) to Farfetch in exchange for Farfetch shares, and the sale of a 3.2% stake to Mohamed Alabbar.[14] In January 2024, Farfetch was acquired by Korean e-commerce company Coupang,[15] and delisted,[16] which ended Richemont's planned sale of the YNAP majority stake.[17][18]

In 2018, Jérôme Lambert was named CEO of Richemont Group.[19]

The compensation of the Richemont group's executives increased by an average of 14% in 2018.[20]

In July 2023, Richemont acquired a 70% stake in Italian shoemaker Gianvito Rossi.[21]

As of October 2023, Compagnie Financière Richemont S.A. was the sixth-largest corporation by market capitalization in the Swiss Market Index.[5]

In May 2024, Nicolas Bos, the head of Van Cleef & Arpels was appointed CEO effective June 1 2024, replacing Jérôme Lambert. Jérôme Lambert would stay at Richemont Group as Chief Operating Officer reporting to Bos.[22]

In May 2024, Richemont acquired Italian jewellery brand Vhernier for an undisclosed sum.[23]

Organization

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Compagnie Financière Richemont S.A. organizes its business activities into three operating divisions: Jewellery Maisons, Specialist Watchmakers, and Other Businesses.[1]

Cartier, Van Cleef & Arpels, and Buccellati constitute the Jewellery Maisons.[1]

The Specialist Watchmakers group is composed of A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis, and Vacheron Constantin.[1]

The Other Businesses division includes Alaïa, AZ Factory, Chloé, Delvaux, Dunhill, Montblanc, Peter Millar, Purdey, and Serapian.[1]

Ownership and control

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As of 2023, Compagnie Financière Rupert, a Swiss company that holds shares controlled and principally owned by Johann Rupert, was the only significant shareholder of Richemont with 3% or more of the voting rights. It held 6,263,000 Richemont Class "A" shares and 522,000,000 Richemont Class "B" registered shares, representing 10% of the equity of the company and controlling 51% of the company's voting rights.[24]

Investments

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Subsidiaries

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Richemont's portfolio is made up of Maisons (brands).

The following companies are wholly owned subsidiaries of Compagnie Financière Richemont S.A., unless otherwise noted.[1]

Jewellery

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  • Buccellati – jewellery and watches; based in Milan, Italy
  • Cartier – jewellery, watches, leather goods, fragrances, eyewear and accessories; based in Paris, France
  • Van Cleef & Arpels – jewellery and watches; based in Paris, France
  • Vhernier[23] – jewellery and high jewellery; based in Milan, Italy

Specialist watchmakers

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Fashion and accessories

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  • Alaïa – women's fashion; based in Paris, France
  • AZ Factory – women's fashion joint venture with Alber Elbaz; based in Paris, France
  • Chloé – women's fashion; based in Paris, France
  • Delvaux – leather goods; based in Brussels, Belgium
  • Dunhill – men's clothing and leather goods; based in London, England
  • Gianvito Rossi (majority stake)[21] – shoes
  • Montblanc – writing instruments and watches; based in Hamburg, Germany
  • Peter Millar – men's and women's apparel; based in Raleigh, North Carolina, U.S.
  • Purdey – firearms, clothing, gifts, leather goods, and the Royal Berkshire Shooting School; based in London, United Kingdom
  • Serapian – leather goods; based in Milan, Italy
  • Watchfinder & Co. – second-hand watches; based in Kings Hill, United Kingdom
  • Yoox Net-a-Porter Group (majority stake)[25] – ecommerce; based in Milan, Italy

Former investments

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Richemont acquired British clothing retailer Hackett Limited in 1992.[26] On 2 June 2005, Richemont announced its sale to Spanish investment company Torreal S.C.R., S.A.[27][28]

In 1998, Richemont bought a controlling stake in Shanghai Tang.[29] In July 2017, Richemont announced that it had sold Shanghai Tang to a group of investors headed by Italian entrepreneur Alessandro Bastagli.[30][31]

In 2000, the Group sold its minority stake in Vivendi, representing its exit from all previous media interests, which had included NetHold and Canal+.

Richemont and Mimi So formed a joint venture in 2004,[32][33] Richemont's first investment in an American brand.[34] In 2007, Richemont requested to become the majority partner of the joint venture. Mimi So declined and purchased Richemont's stake in the venture.

Richemont and Polo Ralph Lauren Corporation formed a 50/50 joint venture called The Polo Ralph Lauren Watch and Jewelry Company, S.A.R.L., in March 2007.[35] The joint venture lasted until 2018.[36]

In 2008, Richemont spun off all of its non-luxury goods businesses, principally Richemont's stake in British American Tobacco, into a newly formed, separately traded holding company, Reinet Investments S.C.A.[37][38][39]

In 2018, Richemont sold Lancel to the Italian leather goods company Piquadro Group.

Website blocking

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In October 2014, the first blocking order against trademark-infringing consumer goods was passed against the major British Internet service providers by Richemont, Cartier International and Montblanc to block several domains selling trademark-infringing products.[40]

Notes

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  1. ^ a b c d e f g h i j k l "Annual Report and Accounts 2023" (PDF). Richemont. Retrieved 27 November 2023.
  2. ^ "RICHEMONT N". SIX Group. Retrieved 30 November 2023.
  3. ^ Last, First. "List of companies with secondary listings on the JSE (as at 30 June 2023)" (PDF). South African Reserve Bank. Retrieved 30 November 2023.
  4. ^ Global Powers of Luxury Goods 2019
  5. ^ a b "Swiss Market Index SMI Total Return" (PDF). SIX Group. 31 October 2023. Retrieved 29 November 2023.
  6. ^ Remgro 2011.
  7. ^ International Directory of Company Histories 2007.
  8. ^ Richemont. "History, including Significant Investments and Divestments". Archived from the original on 26 November 2015. Retrieved 7 January 2017.
  9. ^ Domisse & Esterhuyse 2009, pp. 322–324.
  10. ^ "Richemont to Spin Off Its Tobacco Holdings". The Wall Street Journal. Retrieved 2 August 2008.
  11. ^ Clark, Nicola (15 May 2014). "European Sales Help Luxury Group Richemont Balance a Decline in Asia (Published 2014)". The New York Times. Archived from the original on 2 June 2023.
  12. ^ "Richemont Annual Report and Accounts 2015" (PDF). Richemont.com. Archived (PDF) from the original on 6 August 2023. Retrieved 5 June 2015.[permanent dead link]
  13. ^ Richemont, Richemont. "Merger of Net-A-Porter with YOOX completed with a significant one-off accounting gain estimated between € 610 and € 670 million". Archived from the original on 31 March 2017. Retrieved 5 October 2015.
  14. ^ Faithfull, Mark (24 August 2022). "Farfetch Marches On As It Acquires Major Stake In Yoox Net-A Porter". Forbes. Retrieved 29 November 2023.
  15. ^ Adegeest, Don-Alvin (31 January 2024). "Coupang finalises Farfetch acquisition". FashionUnited. Retrieved 16 May 2024.
  16. ^ Parisi, Danny (18 February 2024). "Weekend Briefing: Why are so many publicly traded brands going private?". Glossy. Retrieved 16 May 2024.
  17. ^ Douglass, Rachel (18 December 2023). "Farfetch sold to South Korea's Coupang, gets 500 million dollar injection". FashionUnited. Retrieved 16 May 2024.
  18. ^ Mulier, Thomas; Morpurgo, Giulia (18 December 2023). "Farfetch Finds Rescuer With $500 Million Loans From Coupang". Bloomberg News. Retrieved 16 May 2024.
  19. ^ DeMarco, Anthony (10 September 2018). "Jérôme Lambert Named CEO Of Richemont Group". Forbes. Retrieved 16 May 2024.
  20. ^ "Salaires en hausse pour les dirigeants de Richemont". Le Temps. 29 May 2019.
  21. ^ a b "Richemont buys majority stake in Italian luxury shoemaker Gianvito Rossi". Reuters. 28 July 2023. Retrieved 3 July 2024.
  22. ^ "Richemont Elevates Bos to Group CEO After Van Cleef Sales Surge". www.bloomberg.com. Retrieved 17 May 2024.
  23. ^ a b Shoaib, Maliha (7 May 2024). "Richemont grows jewellery portfolio with sculptural brand Vhernier". Vogue Business. Retrieved 23 May 2024.
  24. ^ "Capital structure". Richemont.com. Retrieved 30 November 2023.
  25. ^ Hale, Thomas (15 June 2024). "Yoox Net-a-Porter exits China to focus on more profitable markets". Financial Times. Retrieved 3 July 2024.
  26. ^ Menkes 2010.
  27. ^ Butler 2005.
  28. ^ Richemont 2005.
  29. ^ Mulier, Thomas (3 July 2017). "Richemont Sells Shanghai Tang as China Prefers Foreign Swank". Bloomberg.com. Retrieved 31 March 2019.
  30. ^ Muret, Dominique (6 December 2018). "Chinese label Shanghai Tang sold to Lunar Capital group". Fashion Network. Retrieved 31 March 2019.
  31. ^ Segreti, Giulia (21 February 2018). "Italian investor looks to rev up Shanghai Tang sales". Reuters. Retrieved 27 May 2019.
  32. ^ Thompson 2004.
  33. ^ Karimzadeh 2004.
  34. ^ Elite Traveler 2010.
  35. ^ "Polo Ralph Lauren and Richemont announce the formation of The Polo Ralph Lauren Watch and Jewelry Company". investor.ralphlauren.com. 5 March 2007. Retrieved 16 May 2024.
  36. ^ Maillard, Serge (October 2020). "What Ralph Lauren's Watchmaking Strategy Reveals". EuropaStar. Retrieved 16 May 2024.
  37. ^ Richemont 2012a.
  38. ^ Gelnar 2007, p. A.13.
  39. ^ Reinet 2012.
  40. ^ Little, Trevor. "Landmark judgment handed down in dispute between Richemont and ISPs". Archived from the original on 24 October 2014. Retrieved 17 October 2014.

References

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