Compagnie Financière Richemont S.A., commonly known as Richemont, is a Switzerland-based
luxury goods
In economics, a luxury good (or upmarket good) is a good (economics), good for which demand (economics), demand increases more than what is proportional as income rises, so that expenditures on the good become a more significant proportion of ove ...
holding company
A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...
founded in 1988 by South African businessman
Johann Rupert
Johann Peter Rupert (born 1 June 1950) is a South African billionaire Businessperson, businessman, who is the eldest son of business tycoon Anton Rupert and his wife Huberte. He is the Chair (officer), chairman of the Swiss-based luxury goods c ...
. 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
SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zürich, is Switzerland's principal stock exchange (the other being BX Swiss). SIX Swiss Exchange also trades other security (finance), securities such as Swiss government bonds and deriv ...
and the
JSE.
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
YOOX Net-a-Porter Group S.p.A. is an Italian online fashion retailer created on 5 October 2015 after the merger between Yoox Group and Net-a-porter Group (NAP).
Yoox was originally founded by Federico Marchetti (businessman), Federico Marchetti ...
,
Panerai,
Piaget,
Peter Millar,
Purdey,
Roger Dubuis, Serapian, The Outnet, TimeVallée,
Vacheron Constantin,
Van Cleef & Arpels, Vhernier,
Watchfinder & Co., and
Yoox.
As of October 2023, Compagnie Financière Richemont S.A. was the sixth-largest corporation by market capitalization in the
Swiss Market Index.
History
Johann Rupert
Johann Peter Rupert (born 1 June 1950) is a South African billionaire Businessperson, businessman, who is the eldest son of business tycoon Anton Rupert and his wife Huberte. He is the Chair (officer), chairman of the Swiss-based luxury goods c ...
founded Compagnie Financière Richemont S.A. when he spun off the international assets of Rembrandt Group Ltd. (now
Remgro Limited), a
South Africa
South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...
-based company founded in the 1940s by his father, Anton Rupert. 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
In economics, a luxury good (or upmarket good) is a good (economics), good for which demand (economics), demand increases more than what is proportional as income rises, so that expenditures on the good become a more significant proportion of ove ...
investments of Rembrandt Group combined with
Rothmans International formed the initial group of Richemont subsidiaries.
In October 2008, the Group divested all of its remaining interests in the
tobacco industry
The tobacco industry comprises those persons and companies who are engaged in the growth, preparation for sale, shipment, advertisement, and distribution of tobacco and tobacco-related products. It is a global industry; tobacco can grow in any ...
.
As of 2014, Richemont is the second-largest luxury goods company in the world after
LVMH
LVMH Moët Hennessy Louis Vuitton SE (), commonly known as LVMH, is a French multinational holding company and conglomerate that specializes in luxury goods and has its headquarters in Paris, France. The company was formed in 1987 through the ...
.
In 2015, Richemont's
Net-a-Porter Group was merged with the
YOOX Group in an all-share transaction.
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. In January 2024, Farfetch was acquired by Korean e-commerce company
Coupang, and
delisted
In corporate finance, a listing refers to the company's shares being on the list (or board) of stock that are publicly listed. Some stock exchanges allow shares of a foreign company to be listed and may allow dual listing, subject to conditions.
...
, which ended Richemont's planned sale of the YNAP majority stake.
In 2018, Jérôme Lambert was named CEO of Richemont Group.
The compensation of the Richemont group's executives increased by an average of 14% in 2018.
In July 2023, Richemont acquired a 70% stake in Italian shoemaker Gianvito Rossi.
As of October 2023, Compagnie Financière Richemont S.A. was the sixth-largest corporation by
market capitalization
Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders.
Market capitalization is equal to the market price per common share multiplied by ...
in the
Swiss Market Index.
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.
In May 2024, Richemont acquired Italian jewellery brand Vhernier for an undisclosed sum.
Organization
Compagnie Financière Richemont S.A. organizes its business activities into three operating divisions: Jewellery Maisons, Specialist Watchmakers, and Other Businesses.
[
Cartier, Van Cleef & Arpels, and Buccellati constitute the Jewellery Maisons.][
The Specialist Watchmakers group is composed of A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis, and Vacheron Constantin.][
The Other Businesses division includes Alaïa, AZ Factory, Chloé, Delvaux, Dunhill, Montblanc, Peter Millar, Purdey, and Serapian.]
Ownership and control
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.
Investments
Subsidiaries
Richemont's portfolio is made up of Maisons (brands).
The following companies are wholly owned subsidiaries of Compagnie Financière Richemont S.A., except where specified that they are partial ownership.
Jewellery
* 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 – jewellery and high jewellery; based in Milan, Italy
Specialist watchmakers
* 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
* 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, UK
* Gianvito Rossi (majority stake) – shoes; based in San Mauro Pascoli, Emilia-Romagna, Italy
* 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, UK
* Serapian – leather goods; based in Milan, Italy
* Watchfinder & Co. – second-hand watch retail; based in Kings Hill, UK
* Yoox Net-a-Porter Group (majority stake) – ecommerce; based in Milan, Italy
Former investments
Richemont acquired British clothing retailer Hackett Limited in 1992. On 2 June 2005, Richemont announced its sale to Spanish investment company Torreal S.C.R., S.A.
In 1998, Richemont bought a controlling stake in Shanghai Tang. In July 2017, Richemont announced that it had sold Shanghai Tang to a group of investors headed by Italian entrepreneur Alessandro Bastagli.
In 2000, the Group sold its minority stake in Vivendi
Vivendi SE (stylized in all lowercase) is a French investment company headquartered in Paris. It currently wholly-owns Gameloft as well as a number of investments in several companies, primarily involved in content, entertainment, media, and t ...
, representing its exit from all previous media interests, which had included NetHold and Canal+.
Richemont and Mimi So formed a joint venture in 2004, Richemont's first investment in an American brand. 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. The joint venture lasted until 2018.
In 2008, Richemont spun off all of its non-luxury goods businesses, principally Richemont's stake in British American Tobacco
British American Tobacco p.l.c. (BAT) is a British multinational company that manufactures and sells cigarettes, tobacco and other nicotine products including electronic cigarettes. The company, established in 1902, is headquartered in London, E ...
, into a newly formed, separately traded holding company, Reinet Investments S.C.A.
In 2018, Richemont sold Lancel to the Italian leather goods company Piquadro Group.
In October 2024 Richemont agreed to sell Yoox Net-A-Porter to Mytheresa.
Website blocking
In October 2014, the first blocking order against trademark-infringing consumer goods was passed against the major British Internet service provider
An Internet service provider (ISP) is an organization that provides a myriad of services related to accessing, using, managing, or participating in the Internet. ISPs can be organized in various forms, such as commercial, community-owned, no ...
s by Richemont, Cartier International and Montblanc to block several domains selling trademark-infringing products.
Notes
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External links
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{{Authority control
Luxury brand holding companies
Companies based in Geneva
Holding companies established in 1988
Watchmaking conglomerates
Watch manufacturing companies of Switzerland
Multinational companies headquartered in Switzerland
Companies listed on the SIX Swiss Exchange
Companies listed on the Johannesburg Stock Exchange
Companies in the Swiss Market Index