Company type | Public ( Société Anonyme ) |
---|---|
Industry | Luxury goods |
Predecessor | Rembrandt Group Limited |
Founded | 1988Geneva, Switzerland | in
Founder | Johann Rupert |
Headquarters | , Switzerland |
Area served | Worldwide |
Key people | Jérôme Lambert (CEO) Johann Rupert (Chairman) |
Products | |
Revenue | €19.95 billion [1] (2023) |
€5.031 billion [1] (2023) | |
€0.301 billion [1] (2023) | |
Total assets | €40.89 billion [1] (2023) |
Total equity | €19.02 billion [1] (2023) |
Owner | Compagnie Financière Rupert (Rupert family) (10% equity, 51% voting power) [1] |
Number of employees | 33,959 [1] (2023) |
Divisions |
|
Subsidiaries | See § Subsidiaries |
Website | richemont |
Compagnie Financière Richemont S.A., commonly 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 produces and sells jewellery, watches, leather goods, pens, firearms, clothing, and accessories. Richemont is publicly traded as CFR on the SIX Swiss Exchange [2] and the JSE. [3]
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, Panerai, Piaget, Peter Millar, Purdey, Roger Dubuis, Serapian, The Outnet, TimeVallée, Vacheron Constantin, Van Cleef & Arpels, Watchfinder & Co., and Yoox.
As of 2017, Richemont was the third-largest luxury goods company in the world after LVMH and Estée Lauder Companies. [4] As of October 2023, Compagnie Financière Richemont S.A. was the sixth-largest corporation by market capitalization in the Swiss Market Index. [5]
Johann Rupert founded Compagnie Financière Richemont S.A. 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. [6] [7] 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 investments of Rembrandt Group combined with Rothmans International formed the initial group of Richemont subsidiaries. [8] [9]
In October 2008, the Group divested all of its remaining interests in the tobacco industry. [10]
As of 2014, Richemont is the second-largest luxury goods company in the world after LVMH. [11]
In 2015, Richemont's Net-a-Porter Group was merged with the YOOX Group in an all-share transaction. [12] [13] 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. [14] In January 2024, Farfetch was acquired by Korean e-commerce company Coupang, [15] and delisted, [16] which ended Richemont's planned sale of the YNAP majority stake. [17] [18]
In 2018, Jérôme Lambert was named CEO of Richemont Group. [19]
The compensation of the Richemont group's executives increased by an average of 14% in 2018. [20]
As of October 2023, Compagnie Financière Richemont S.A. was the sixth-largest corporation by market capitalization in the Swiss Market Index. [5]
Compagnie Financière Richemont S.A. organizes its business activities into three operating divisions: Jewellery Maisons, Specialist Watchmakers, and Other Businesses. [1]
Cartier, Van Cleef & Arpels, and Buccellati constitute the Jewellery Maisons. [1]
The Specialist Watchmakers group is composed of A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis, and Vacheron Constantin. [1]
The Other Businesses division includes Alaïa, AZ Factory, Chloé, Delvaux, Dunhill, Montblanc, Peter Millar, Purdey, and Serapian. [1]
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. [21]
Richemont's portfolio is made up of Maisons (brands).
The following companies are wholly owned subsidiaries of Compagnie Financière Richemont S.A., unless otherwise noted. [1]
Richemont acquired British clothing retailer Hackett Limited in 1992. [22] On 2 June 2005, Richemont announced its sale to Spanish investment company Torreal S.C.R., S.A. [23] [24]
In 1998, Richemont bought a controlling stake in Shanghai Tang. [25] In July 2017, Richemont announced that it had sold Shanghai Tang to a group of investors headed by Italian entrepreneur Alessandro Bastagli. [26] [27]
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 and Mimi So formed a joint venture in 2004, [28] [29] Richemont's first investment in an American brand. [30] 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. [31] The joint venture lasted until 2018. [32]
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. [33] [34] [35]
In 2018, Richemont sold Lancel to the Italian leather goods company Piquadro Group.
In October 2014, the first blocking order against trademark-infringing consumer goods was passed against the major British Internet service providers by Richemont, Cartier International and Montblanc to block several domains selling trademark-infringing products. [36]
Delvaux is a Belgian manufacturer of fine leather luxury goods founded in 1829 by Charles Delvaux. The company is the oldest fine leather luxury goods house in the world.
Anthony Edward Rupert OMSG was a South African businessman and conservationist.
Piaget SA is a Swiss luxury watchmaker and jeweller. Founded in 1874 by Georges Piaget in the village of La Côte-aux-Fées, Piaget is currently a subsidiary of the Swiss Richemont group.
Van Cleef & Arpels is a French luxury jewelry company. It was founded in 1896 by the Dutch diamond-cutter Alfred Van Cleef and his father-in-law Salomon Arpels in Paris. Their pieces often feature flowers, animals, and fairies, and have been worn by style icons and royalty such as Grace Kelly, Jacqueline Kennedy Onassis, Diana, Princess of Wales, Ava Gardner, Farah Pahlavi, Eva Perón, Elizabeth Taylor, the Duchess of Windsor, Queen Nazli of Egypt, and Queen Camilla.
Montblanc is a German manufacturer and distributer of luxury goods, founded in Berlin in 1906, and currently based in Hamburg. The company is most known for its luxury pens and also designs and distributes bags, perfumes, small leather goods, and watches. Since 1993, Montblanc has been part of the Swiss Richemont group.
Cartier International SNC, or simply Cartier, is a French luxury-goods conglomerate that designs, manufactures, distributes, and sells jewellery, leather goods, watches, sunglasses and eyeglasses. Founded by Louis-François Cartier (1819–1904) in Paris in 1847, the company remained under family control until 1964. The company is headquartered in Paris and is a wholly owned subsidiary of the Swiss Richemont Group. Cartier operates more than 200 stores in 125 countries, with three Temples in Paris, London, and New York City.
Bulgari is an Italian luxury fashion house founded in 1884 and known for its jewellery, watches, fragrances, accessories, and leather goods.
Johann Peter Rupert is a South African billionaire businessman, who is the eldest son of business tycoon Anton Rupert and his wife Huberte. He is the chairman of the Swiss-based luxury-goods company Richemont and the South Africa-based company Remgro. Since April 2010, he has been the CEO of Compagnie Financiere Richemont. Rupert and family were ranked the richest in South Africa on the 2023 Forbes list, with an estimated net worth of US$10.7 billion.
Roger Dubuis is a Swiss watch manufacturer of luxury watches based in Geneva, Switzerland. The company was founded by Roger Dubuis and Carlos Dias in 1995.
Officine Panerai is an Italian luxury watch manufacturer, and a wholly owned subsidiary of Compagnie Financière Richemont S.A.
The Rembrandt Group, officially known as Rembrandt Trust (Proprietary) Limited, is a South African tobacco and industrial conglomerate founded by Afrikaner tycoon Anton Rupert who oversaw its eventual transition to the industrial and luxury branded goods sectors. Rembrandt was split into Remgro and Richemont.
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).
Reinet Investments S.C.A. is a Luxembourg-based investment vehicle that was demerged from the Swiss luxury goods company Richemont on 20 October 2008. It is listed on the Luxembourg Stock Exchange (LuxSE), and at 2020 is the third-largest component of the LuxX Index.
Farfetch is an e-commerce company focused on luxury clothing and beauty products. It operates as a digital marketplace that sells products from several hundred brands, boutiques and department stores from around the world. In January 2024, the company was acquired by Coupang.
Remgro Limited is an investment holding company based in Stellenbosch, South Africa. It has interests in banking, financial services, packaging, glass products, medical services, mining, petroleum, beverage, food and personal care products. In 2015, Forbes listed Remgro as the 9th biggest publicly traded company in South Africa and 1436th in the world.
Lancel is a French Maison of luxury leather goods, founded in Paris in 1876 by Angèle and Alphonse Lancel and developed by their son Albert.
NetHold is a Pay TV company based in the Netherlands. As of 1997, the company merged with CANAL+ and is directed by Johann Rupert, chairman of Richemont.
Peter Millar is an American clothing brand founded in 2001 in Raleigh, North Carolina that produces sportswear and golf attire. The company is headquartered in Raleigh, North Carolina and is a subsidiary of Compagnie Financière Richemont SA.
Coupang, Inc. is e-commerce company based in Seoul, South Korea and Seattle, WA and incorporated in Delaware, United States. Founded in 2010 by Bom Kim, the company expanded to become the largest online marketplace in South Korea. Its expansion led the company to video streaming distribution after the launch of Coupang Play service. Coupang is often referred to as the "Amazon of South Korea", due to its position and corporate size in the South Korean online market.
Mytheresa is a large global luxury e-commerce platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear, kidswear and lifestyle products. Its CEO is Michael Kliger.
'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)
In 2007, Compagnie Financière Richemont SA and Ralph Lauren combined their expertise to create the Ralph Lauren Watch & Jewelry Company in a joint-venture.