Richemont news and archive

Mytheresa among bidders for Yoox Net-a-Porter

Online retailer Mytheresa is understood to be among the potential bidders looking to snap up rival e-commerce business Yoox Net-a-Porter (YNAP) from luxury group Richemont. According to sources for the Financial Times (FT), German-based Mytheresa is in competition with private equity firms Bain Capital and Permira for the struggling e-tailer....

BusinessFeatured

Richemont Q3 sales increase but Europe drops

At constant exchange rates, Richemont Group sales rose by 8 percent to 5.6 billion euros versus the prior-year period, with increases recorded in almost all regions, channels and business areas. For the nine-month period, the company’s sales increased by 11 percent at constant exchange rates and by 5 percent at actual exchange rates. Highlights...

Retail

Dubai Future Foundation launches luxury retail accelerator

The Dubai Future Foundation has teamed up with Swiss luxury conglomerate Richemont to invite tech start-ups, scale-ups and SMEs from around the world to participate in its new Future of Luxury Retail accelerator programme. In a statement, the Dubai Future Foundation said it is looking for innovators and entrepreneurs across two challenges to...

PeopleFeatured

Richemont names new president, CEO for Chloé

Luxury conglomerate Richemont has announced that the current president and chief executive officer of its brand Chloé, Riccardo Bellini, will be stepping down from the helm position and replaced by Laurent Malecaze. In a release, the group said that Bellini had “decided not to renew his mandate” after four years in the role, with the decision...

Business

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,...

BusinessFeatured

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...

Business

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...

BusinessFeatured

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...

Business

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 announces executive appointments

Swiss luxury giant Richemont has appointed Swen Grundmann and Boet Brinkgreve to its senior executive committee (SEC). Grundmann will join the SEC in his new capacity as director of corporate affairs in addition to maintaining his role as group company secretary. A Richemont veteran, Grundmann started his career at the group in 1996 as legal...