Richemont news and archive

YNAP and Watchfinder boost Richemont's Q3 revenues

In the three month period ended December 31, 2018, Compagnie Financière Richemont SA said that with the consolidation of YNAP and Watchfinder regrouped for the first time under the newly created Online Distributors business area, group sales grew by 24 percent to 3,915 million euros (4,511 million dollars) at constant exchange and by 25 percent...

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Fashion

Richemont joins Alibaba in the fight against counterfeiting

Luxury groups are fighting back against counterfeiting, a major industry-wide dilemma that causes billions of dollars in damages each year. Alibaba started an Anti-Counterfeiting Alliance (AACA) in attempt to protect intellectual property rights. The Alliance now has 115 members across 16 countries who share a mission to end counterfeiting....

Management

YNAP acquisition boosts Richemont's first half results

In the six month period, sales at Compagnie Financière Richemont SA increased by 21 percent at actual exchange rates and by 24 percent at constant exchange rates to 6,808 million euros (7,723 million dollars). Excluding YNAP and Watchfinder, the company said, sales for the period increased by 8 percent at constant exchange rates, with most...

Report

Richemont and Alibaba partner to launch retail platform in China

Richemont and Alibaba Group have announced a global strategic partnership to bring the retail offerings of Yoox Net-A-Porter Group (YNAP), to Chinese consumers. Under the partnership, the companies will establish a joint venture to launch two mobile apps for YNAP’s Net-A-Porter and Mr Porter multi-brand in China, and their online stores on...

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Business

Second hand fashion set to become a bigger market than luxury by 2022

Buying second hand clothes is nothing new, but the sector has been growing considerably thanks to the Internet. The second hand market generated 360 billion US dollars worldwide in 2017, according to fashion resale service Thredup, with online sales of second hand items growing 35 percent against just 8 percent for brick and mortar stores. By...

Business

Richemont partners up with Galeries Lafayette’s startup accelerator program

Compagnie Financière Richemont, which owns 17 luxury brands including Montblanc, Cartier and Chloé, has signed a partnership with Lafayette Plug and Play, the accelerator program for retail and fashion startups developed by Galeries Lafayette Group. “We are very pleased to welcome Richemont as one of our corporate partners, alongside Maus Frères...

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Management

UK brand Alfred Dunhill wins major trademark victory in China

British luxury goods brand Alfred Dunhill has announced today that it has won a major victory in a long-running trademark battle in China. The brand has been awarded 10 million CNY (1.01 million pounds or 1.47 million US dollars) following the Foshan Intermediate People’s Court’s decision that rival menswear brand Danhuoli was guilty of...

Business

Montblanc ditches Marcolin in favor of Kering Eyewear in licensing deal

Montblanc (Richemont) has entered a licensing agreement with Kering Eyewear, allowing it to develop, manufacture and distribute glasses and sunglasses carrying the Montblanc brand. “Montblanc is excited to enter a new relationship with Kering Eyewear, a partner known globally for manufacturing some of the finest luxury eyewear”, said Montblanc’s...

Report

Richemont proposes election of Sophie Guieysse to its board of directors

The Swiss luxury goods group Richemont has proposed election of Sophie Guieysse as an Executive Director to the board of directors of Compagnie Financière Richemont SA. The company said in a statement that election will take place at the next annual general meeting, to be held on September 10, 2018. Guieysse, the company added, is currently...

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Fashion

Why did Burberry destroy 37 million dollars of its goods?

On the topic of sustainability we are used to hearing brands over-producing collections for their retail networks and being left with excess stock. Back in March the New York Times broke the story that H&M was sitting on a 4.3 billion dollar mountain of unsold inventory. Enough items to dress an entire nation. But stories of luxury companies...

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Fashion |TIMELINE

Richemont: outshining luxury goods giants

Compagnie Financière Richemont SA is a Switzerland-based luxury goods holding company founded in 1988 by South African businessman Johann Rupert. The luxury goods groups sells premium jewellery, watches, leather goods, writing instruments, clothing and accessories. Richemont is publicly traded as CFR on the SIX Swiss Exchange and the JSE...

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Management

Richemont completes sale of Lancel to Piquadro

Compagnie Financière Richemont SA has said in a media statement that it has completed the sale of its wholly-owned subsidiary, Lancel, a French luxury leather goods company, on June 2, 2018 to Piquadro S.p.A., an Italian leather goods group listed on the Milan Stock Exchange. The company added that this transaction will have no material impact...