Richemont

Compagnie Financière Richemont SA
Public
Traded as SIX: CFR
JSE: CFR [1]
Industry Management
Predecessor Rembrandt Group Limited [1]
Founded Geneva, Switzerland (1988 (1988)) [1]
Founder Johann Rupert [1]
Headquarters Bellevue, Switzerland [1]
Area served
 Worldwide
Key people
 Johann Rupert, Chairman [1]
Services
  • Management
  • Logistics
Revenue
  • Increase €10.979 billion (2018)
  • 10.647 billion (2017)
  • €11.076 billion (2016)
[2]
  • Decrease €1.764 billion (2017)
  • €2.061 billion (2016)
[2]
  • Decrease €1.210 billion (2017)
  • €2.227 billion (2016)
[2]
Total assets
  • Increase €20.160 billion (2017)
  • €20.125 billion (2016)
[2]
Total equity
  • Increase €15.529 billion (2017)
  • €15.047 billion (2016)
[2]
Owner
  • Compagnie Financière Rupert (9.1%)
[1]
Number of employees
  • Decrease 28,580 (2017)
  • 28,810 (2016)
[2]
Divisions
  • Jewellery Maisons
  • Specialist Watchmakers
  • Other Businesses
[1]
Subsidiaries See article section
Website richemont.com

Compagnie Financière Richemont SA, also 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 designs, manufactures, distributes and sells premium jewellery, watches, leather goods, writing instruments, firearms, clothing and accessories. Richemont is publicly traded as CFR on the SIX Swiss Exchange and the JSE Securities Exchange.

The brands it owns include A. Lange & Söhne, Azzedine Alaïa, Baume & Mercier, Cartier, Chloé, Dunhill, IWC Schaffhausen, Giampiero Bodino, Jaeger-LeCoultre, Lancel, Montblanc, Officine Panerai, Piaget, Peter Millar, Purdey, Roger Dubuis, Vacheron Constantin, and Van Cleef & Arpels.

As of November 2012, Compagnie Financière Richemont SA is the sixth largest corporation by market capitalization in the Swiss Market Index. As of 2014, Richemont is the second-largest luxury goods company in the world after LVMH.[3]

History

Johann Rupert founded Compagnie Financière Richemont SA in 1988 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.[4][5] The luxury goods investments of Rembrandt Group combined with Rothmans International formed the initial group of Richemont subsidiaries.[6][7]

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.[8]

In October 2008, the Group divested all of its remaining interests in the tobacco industry.[9]

As of November 2012, Compagnie Financière Richemont SA is the sixth largest corporation by market capitalization in the Swiss Market Index.[10] As of 2014, Richemont is the second-largest luxury goods company in the world after LVMH.[3]

Organization

Compagnie Financière Richemont SA organizes its business activities into three operating divisions: Jewellery Maisons, Specialist Watchmakers and Other Businesses.[1]

Cartier, Van Cleef & Arpels, and Giampiero Bodino 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, Vacheron Constantin and the joint venture with the Ralph Lauren Watch & Jewelry Co.

The Other Businesses division includes Azzedine Alaïa, Chloé, Dunhill, Lancel, Montblanc, Peter Millar, and Purdey.[1]

Ownership and control

The largest significant shareholder of Compagnie Financière Richemont SA is Compagnie Financière Rupert, a Swiss company that holds shares controlled and principally owned by Johann Rupert. Compagnie Financière Rupert owns 522,000,000 Class "B" shares of Compagnie Financière Richemont SA, representing 9.1% of the equity and 50% of the voting rights. Johann Rupert and Compagnie Financière Rupert also hold 2,836,664 class "A" shares or "A" share equivalents as of the end of March 2016.[11]

Investments

Subsidiaries

The following companies are wholly owned subsidiaries of Compagnie Financière Richemont SA unless otherwise noted.[1]

  • A. Lange & Söhne — watches; based in Glashütte, Germany
  • Azzedine Alaïa — women's fashions; based in Paris, France
  • Baume & Mercier — watches; based in Geneva, Switzerland
  • Cartier — jewellery and watches; based in Paris, France
  • Chloé — women's clothing; based in Paris, France
  • Dunhill — men's clothing, watches and leather goods; based in London, United Kingdom
  • Giampiero Bodino — high jewellery; based in Milan, Italy
  • IWC Schaffhausen — watches; based in Schaffhausen, Switzerland
  • Lancel — leathergoods; based in Paris, France and with, as of February 2014, Marianne Romestain as chief executive officer[12][13]
  • Jaeger-LeCoultre — watches; based in Le Sentier, Switzerland
  • Montblanc — writing instruments and watches; based in Hamburg, Germany
  • Officine Panerai — watches; based in Florence, Italy
  • Peter Millar — men's and women's apparel; based in Durham, NC, USA
  • Piaget — jewellery, watches; based in Geneva, Switzerland
  • Purdey — firearms, ammunition; based in London, United Kingdom
  • Roger Dubuis — watches; based in Geneva, Switzerland
  • Vacheron Constantin — watches; based in Geneva, Switzerland
  • Van Cleef & Arpels — jewellery, watches; based in Paris, France

Joint ventures

Other investments

Former investments

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 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]

Richemont and Mimi So formed a joint venture in 2004, [19][20] Richemont's first investment in an American brand.[21] 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.[22][23][24]

In 2015, the Net-a-Porter Group was merged with the YOOX Group in an all-share transaction. Richemont is the largest shareholder in the enlarged Group.[1][25]

Website blocking

In October 2014 the first blocking order against trademark infringing consumer goods was passed against the major UK ISPs by Richemont, Cartier International and Montblanc to block several domains selling trademark infringing products.[26]

Notes

  1. 1 2 3 4 5 6 7 8 9 10 11 12 "Richemont Annual Report and Accounts 2015" (PDF). Richemont.com. Retrieved 5 June 2015.
  2. 1 2 3 4 5 6 "Richemont Company Announcement issued on 12 May 2017" (PDF). Richemont. Retrieved 12 May 2017.
  3. 1 2 European Sales Help Luxury Group Richemont Balance a Decline in Asia
  4. ↑ Remgro 2011.
  5. ↑ International Directory of Company Histories 2007.
  6. ↑ Richemont. "History, including Significant Investments and Divestments". Retrieved 7 January 2017.
  7. ↑ Domisse & Esterhuyse 2009, pp. 322-324.
  8. ↑ "Richemont and Polo Ralph Lauren announce the formation of The Polo Ralph Lauren Watch and Jewellery Company". Richemont.com. Retrieved 5 March 2007.
  9. ↑ "Richemont to Spin Off Its Tobacco Holdings". The Wall Street Journal. Retrieved 2 August 2008.
  10. ↑ Swiss Exchange 2012.
  11. ↑ "Richemont Company Announcement issued on 20 May 2016" (PDF). Richemont. Retrieved 20 May 2016.
  12. ↑ Szmydke, Paulina (6 February 2014). "Lancel Names Romestain CEO". WWD. Retrieved 6 February 2014.
  13. ↑ Szmydke, Paulina (6 February 2014). "Marianne Romestain Tapped as Lancel CEO". WWD. Retrieved 7 February 2014.
  14. ↑ "Ralph Lauren Watch and Jewelry Company to unveil its first timepieces at Salon International de la Haute Horlogerie 2009". Ralph Lauren Watches. Retrieved 1 September 2008.
  15. ↑ "Investor relations Shareholders".
  16. ↑ Menkes 2010.
  17. ↑ Butler 2005.
  18. ↑ Richemont 2005.
  19. ↑ Thompson 2004.
  20. ↑ Karimzadeh 2004.
  21. ↑ Elite Traveler 2010.
  22. ↑ Richemont 2012a.
  23. ↑ Gelnar 2007, p. A.13.
  24. ↑ Reinet 2012.
  25. ↑ Richemont, Richemont. "Merger of Net-A-Porter with YOOX completed with a significant one-off accounting gain estimated between € 610 and € 670 million". Retrieved 5 October 2015.
  26. ↑ Little, Trevor. "Landmark judgment handed down in dispute between Richemont and ISPs". Retrieved 17 October 2014.

References

  • Butler, Sarah (2005-06-03). "Spanish buy Hackett for 15m". The Times. London: Times Newspapers Ltd. ISSN 0140-0460. OCLC 488231355. Retrieved 2012-11-03. (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 3 November 2012. Retrieved 3 November 2012.
  • DeMarco, Anthony (16 January 2012). "Richemont Q3 Revenue Soars 24%". Forbes. Forbes.com LLC. ISSN 0015-6914. Archived from the original on 3 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 22 November 2012. Retrieved 21 November 2012. (subscription required)
  • Karimzadeh, Marc (2004-01-04). "Richemont Acquires Stake in Mimi So". Women's Wear Daily. New York: Condé Nast Publications. 187 (8): 3. ISSN 0043-7581. Retrieved 2012-11-21. '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: The New York Times Company. ISSN 0362-4331. OCLC 1645522. Archived from the original on 19 November 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 16 November 2012. Retrieved 16 November 2012.
  • "About Reinet Investments S.C.A". reinet.com. Reinet Investments. 2012. Archived from the original on 17 November 2012. Retrieved 16 November 2012.
  • "Compagnie Financiere Richemont". Gale Business Insights: Essentials. Gale. 2012. OCLC 798738293. Retrieved 2012-11-21. (subscription required)
  • "Company History". remgro.com. Remgro Group. 2011. Archived from the original on 3 November 2012. Retrieved 3 November 2012.
  • "History, including Significant Investments and Divestments". richemont.com. Compagnie Financière Richemont. 2012. Archived from the original on 3 November 2012. Retrieved 3 November 2012.
  • International Directory of Company Histories. 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 17 November 2012. Retrieved 16 November 2012.
  • "Our Businesses". richemont.com. Compagnie Financière Richemont. 2011. Archived from the original on 15 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 3 November 2012. 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 19 November 2012. Retrieved 18 November 2012.
  • "SMI – the Blue-Chip Index". six-swiss-exchange.com. SIX Swiss Exchange. 2012. Archived from the original on 24 November 2012. Retrieved 23 November 2012.
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