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]
 | |
| Company type | Public (Société Anonyme) |
|---|---|
| Industry | Luxury goods |
| Predecessor | Rembrandt Group Limited |
| Founded | 1988 in Geneva, Switzerland |
| Founder | Johann Rupert |
| Headquarters | , Switzerland |
Area served | Worldwide |
Key people | Johann Rupert (Chairman) (Group CEO) |
| Products | |
| Revenue |  €19.95 billion[1] (2023) |
| €5.031 billion[1] (2023) | |
 €0.301 billion[1] (2023) | |
| Total assets | €40.89 billion[1] (2023) |
| Total equity | €19.02 billion[1] (2023) |
| Owner | Compagnie Financière Rupert (Rupert family) (10% equity, 51% voting power)[1] |
Number of employees | 33,959[1] (2023) |
| Divisions |
|
| Subsidiaries | See § Subsidiaries |
| Website | richemont |
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, 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 edit
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 March 2007, Richemont and Polo Ralph Lauren Inc. announced the formation of a 50/50 joint venture, the Polo Ralph Lauren Watch and Jewelry Company SÀRL.[10]
In October 2008, the Group divested all of its remaining interests in the tobacco industry.[11]
As of 2014, Richemont is the second-largest luxury goods company in the world after LVMH.[12]
The compensation of the Richemont group's executives increased by an average of 14% in 2018.[13]
As of October 2023, Compagnie Financière Richemont S.A. was the sixth-largest corporation by market capitalization in the Swiss Market Index.[5]
Organization edit
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 edit
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.[14]
Investments edit
Subsidiaries edit
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 edit
- 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
Specialist watchmakers edit
- A. Lange & Söhne — watches; based in Glashütte, Germany
- Baume & Mercier — watches; based in Geneva, Switzerland
- IWC Schaffhausen — watches; based in Schaffhausen, Switzerland
- Jaeger-LeCoultre — watches; based in Le Sentier, Switzerland
- Panerai — watches; based in Geneva, Switzerland
- Piaget — jewellery, watches; based in Geneva, Switzerland
- Roger Dubuis — watches; based in Geneva, Switzerland
- Vacheron Constantin — watches; based in Geneva, Switzerland
Fashion and accessories edit
- 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
- 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 (minority stake) — ecommerce; based in Milan, Italy
Joint ventures edit
- Ralph Lauren Watch and Jewelry Co. (50%) — watches and jewellery; based in Geneva, Switzerland.[15]
Former investments edit
Richemont acquired British clothing retailer Hackett Limited in 1992.[16] On 2 June 2005, Richemont announced its sale to Spanish investment company Torreal S.C.R., S.A.[17][18]
In 1998, Richemont bought a controlling stake in Shanghai Tang.[19] In July 2017, Richemont announced that it had sold Shanghai Tang to a group of investors headed by Italian entrepreneur Alessandro Bastagli.[20][21]
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,[22][23] Richemont's first investment in an American brand.[24] In 2007, Richemont requested to become the majority partner of the joint venture. Mimi So declined and purchased Richemont's stake in the venture.
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.[25][26][27]
In 2015, the Net-a-Porter Group was merged with the YOOX Group in an all-share transaction.[28][29] In August 2022, Richemont sold a 47.5% stake in Yoox Net-a-Porter to Farfetch, and a 3.2% stake to Mohamed Alabbar. This allowed Richemont to deconsolidate Yoox Net-a-Porter.[30]
In 2018, Richemont sold Lancel to the Italian leather goods company Piquadro Group.
Website blocking edit
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.[31]
Notes edit
References edit
- Butler, Sarah (3 June 2005). "Spanish buy Hackett for 15m". The Times. London: Times Newspapers Ltd. ISSN 0140-0460. OCLC 488231355. Retrieved 3 November 2012. (subscription required)
- Campbell, Keith; Mulier, Thomas (13 November 2009). "Hyperinflation Worries? Buy My Jewelry, Richemont's Rupert Says". Bloomberg Businessweek. Bloomberg. ISSN 0007-7135. Archived from the original on 1 November 2013. Retrieved 3 November 2012.
- DeMarco, Anthony (16 January 2012). "Richemont Q3 Revenue Soars 24%". Forbes. ISSN 0015-6914. Archived from the original on 18 November 2012. Retrieved 3 November 2012.
- Dommisse, Ebbe; Esterhuyse, Willie (2009). Anton Rupert, A Biography. Cape Town, South Africa: Tafelberg Publishers. ISBN 9780624048190.
- Gelnar, Martin (20 November 2007). "Richemont Raises Profile With Tobacco-Spinoff Plan". Wall Street Journal. New York: Dow Jones & Company. p. A.13. ISSN 0099-9660. Archived from the original on 9 February 2013. Retrieved 21 November 2012. (subscription required)
- Karimzadeh, Marc (4 January 2004). "Richemont Acquires Stake in Mimi So". Women's Wear Daily. 187 (8). New York: Condé Nast Publications: 3. ISSN 0043-7581. Retrieved 21 November 2012.
'We are confident with the backing of Richemont, Mimi So will grow at both retail and wholesale,' [Ed McQuigg] said....We are confident her philosophy and unparalleled talent will translate into significant brand expansion both domestically and internationally for Mimi So.'
(subscription required) - Menkes, Suzy (11 January 2010). "Hackett: A 'Heritage' That's Oh-So-British". The New York Times. New York. ISSN 0362-4331. OCLC 1645522. Archived from the original on 14 May 2012. Retrieved 18 November 2012.
- Thompson, Michael (18 February 2004). "Richemont Partners with Mimi So". Professional Jeweler. Philadelphia: Bond Communications/The Industry Group. ISSN 1097-5314. OCLC 38172124. Archived from the original on 22 December 2010. Retrieved 16 November 2012.
- "About Reinet Investments S.C.A". reinet.com. Reinet Investments. 2012. Archived from the original on 26 June 2012. Retrieved 16 November 2012.
- "Compagnie Financiere Richemont". Gale Business Insights: Essentials. Gale. 2012. OCLC 798738293. Retrieved 21 November 2012. (subscription required)
- "Company History". remgro.com. Remgro Group. 2011. Archived from the original on 28 October 2012. Retrieved 3 November 2012.
- "History, including Significant Investments and Divestments". richemont.com. Compagnie Financière Richemont. 2012. Archived from the original on 28 October 2012. Retrieved 3 November 2012.
- International Directory of Company Histories. Vol. 50. Farmington Hills, Michigan: St. James Press. June 2007. ISBN 9781558627031.
- "Leaders In Luxury - Mimi So". elitetraveler.com. Elite Traveler. 2010. Archived from the original on 22 January 2013. Retrieved 16 November 2012.
- "Our Businesses". richemont.com. Compagnie Financière Richemont. 2011. Archived from the original on 2 January 2011. Retrieved 15 January 2011.
In 2007, Compagnie Financière Richemont SA and Ralph Lauren combined their expertise to create the Ralph Lauren Watch & Jewelry Company in a joint-venture.
- Richemont Annual Report and Accounts 2012 (PDF). Compagnie Financière Richemont. 16 May 2012. ISBN 9782970070948. Archived (PDF) from the original on 14 March 2016. Retrieved 3 November 2012.
- "Richemont sells Hackett Limited to Torreal, S.A." richemont.com. Compagnie Financière Richemont. 2 June 2005. Archived from the original on 10 March 2013. Retrieved 18 November 2012.
- "SMI – the Blue-Chip Index". six-swiss-exchange.com. SIX Swiss Exchange. 2012. Archived from the original on 29 October 2012. Retrieved 23 November 2012.
