Richemont news and archive

Luxury shares tumble as Richemont posts sales decline

Swiss luxury conglomerate Richemont, owner of such brands as Cartier, Chloe, and Alaïa, experienced a sharp 6 percent drop in its share value this week, after announcing weaker-than-anticipated earnings. The company reported quarterly sales of 2.2 billion euros, falling short of analysts' projections of 2.45 billion euros, with profits marking a...

Business

Richemont posts sales decline in Q3

Richemont’s first half sales at 10.1 billion euros were down 1 percent at actual exchange rates, while operating profit from continuing operations reached 2.2 billion euros, down by 17 percent or by 12 percent at constant exchange rates, resulting in a 21.9 percent operating margin. During the period under review, the company completed the...

BusinessFeatured

Mytheresa closes the deal to acquire YNAP from Richemont

Mytheresa has acquired 100 percent of the share capital of Yoox Net-A-Porter Group (YNAP). At transaction closing, Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt. Richemont will also make available a six-year revolving credit facility of 100 million euros to finance YNAP’s general corporate...

Business

Is Mytheresa set to acquire YNAP?

After what has been a long and, seemingly, tedious sales process, Swiss luxury giant Richemont may have finally found a buyer for its loss-making e-commerce platform Yoox Net-a-Porter (YNAP). It has been reported that German luxury e-tailer Mytheresa is close to snapping up what had been its online rival after formerly interested parties, Bain...

People

Giorgio Sarné to join Montblanc as CEO

Montblanc has appointed Giorgio Sarné as CEO, effective November 15, 2024. The company said in a statement that Giorgio Sarné, a graduate of both Bocconi University in Milan, and Hautes Etudes Commerciales (HEC) Paris, brings over 20 years of senior management experience within the luxury industry. "I am delighted to welcome Giorgio to the...

People

Vhernier shuffles leadership following Richemont acquisition

On the back of Richemont closing its acquisition of the jewellery brand, Vhernier has now announced the appointment of Gianluca Brozzetti to its board of directors as executive vice president in an ad-interim CEO role. While Vhernier’s ownership will now be switching hands to the Swiss luxury giant, the brand’s former owners, the Traglio family,...

Retail

TimeVallée to open its first store in Canada

TimeVallée, the Richemont-owned luxury watch and jewellery multi-brand retail concept, will open its first flagship store in Canada in partnership with Canadian jewellery retailer Maison Birks in September. The 2,800-square-foot store will be located in the highly anticipated Royalmount development in midtown Montreal. It will offer a curated...

Business

LVMH CEO confirms personal stake in luxury group Richemont

Bernard Arnault, LVMH's CEO, has confirmed reports of a small personal stake in Richemont, the Swiss luxury goods company and parent of Cartier and Alaïa. Mr Arnault in an interview with US news outlet CNBC emphasised his stake is unrelated to LVMH's corporate strategy. This move comes amid challenging financial results for LVMH, with a 1...

Business

Richemont: luxury group in sights of LVMH's Arnault?

The Swiss luxury group Richemont, which owns Cartier and other jewellery brands, is regularly the subject of takeover rumours which its founder, the South African billionaire Johann Rupert, always dismisses. But Bernard Arnault, chief executive of rival LVMH, the number one in the field, is building up a stake in Richemont -- a move which so far...

BusinessFeatured

18 percent sales decline in Asia Pacific impacts Richemont's Q1

At constant exchange rates, Richemont’s sales in the first quarter rose by 1 percent to 5.3 billion euros, after growing by 19 percent in the prior-year period. The company said that the results demonstrated the group’s resilience in a continuing uncertain macroeconomic and geopolitical environment. Richemont reports sales growth in all regions...

People

Catherine Rénier to take over as CEO of Van Cleef & Arpels

Richemont has announced that Catherine Rénier, currently CEO of Jaeger-LeCoultre, will succeed Nicolas Bos as chief executive officer of Van Cleef & Arpels, effective September 1, 2024, and will report to him following his recent appointment as Richemont’s CEO. The company said in a release that Rénier, a French national, brings more than 20...

People

Richemont names Louis Ferla as CEO of Cartier

Richemont has announced that Louis Ferla, currently CEO of Vacheron Constantin, will succeed Cyrille Vigneron as chief executive officer of Cartier, effective September 1, 2024. Vigneron, the company said in a statement, who has decided to retire after eight years at the helm of the maison, will assume the position of chairman of Cartier culture...