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RICHEMONT news and archive

BusinessFeatured

Could LVMH be considering a Richemont takeover?

In the world of dominant luxury conglomerates, no move goes unnoticed, particularly when it comes to a clash of competition. This could be true for none other than LVMH, which currently finds itself in the rumour mill after reports stated the group was mulling a takeover of its direct competitor, Richemont. Initially reported by Swiss newspaper...

27 Feb 2023

Fashion Featured

Pre-owned luxury watches are seeing a surge in falling prices

Watchfinder & Co, the online destination for pre-owned luxury timepieces, is lowering prices by 15 percent, as a reflection of the luxury watch market at large. The Richemont-owned company told Bloomberg an increase in supply has affected demand, with prices for well-known models Rolex, Patek Philippe and Audemars Piguet having dropped...

23 Feb 2023

Business

Richemont names two new eco-focused execs

Luxury conglomerate Richemont has announced the appointment of two new executives, both of which come with a focus on sustainability. Bram Schot has been nominated by the group for election to the board of directors, subject to the approval of shareholders at its upcoming annual general meeting on September 6. Serving as a non-executive...

10 Feb 2023

Business

UK watchdog launches investigation into Richemont's sale of YNAP to Farfetch

The UK’s Competition and Markets Authority (CMA) launched a probe into Richemont’s sale of e-commerce businesses Yoox Net-a-Porter (YNAP) to Farfetch, and if they may pose unfair competition. The CMA has invited comments on the transaction from any interested party, as it takes a deep dive into the merger situations, which is regulated by the...

1 Feb 2023

BusinessFeatured

Richemont Q3 sales up 8 percent despite Covid impact in mainland China

Swiss luxury giant Richemont has reported an 8 percent increase in sales in the third quarter of the year despite a resurgence of Covid impacting its important mainland China market. Total group sales came in at 5.4 billion euros in the three months to December 31, up from the 4.98 billion euros reported a year earlier. On a constant currency...

18 Jan 2023

Business

YNAP fined 5.25 million euros by Italian watchdog for misleading pricing

Luxury pureplayer YNAP, which operates the Net-a-Porter and Yoox e-commerce businesses, was fined 5.25 million euros by Italy’s antitrust body. The hefty fine for misleading prices came as the etailer was alleged to limit the right to return merchandise purchased between 2019 and 2022. Shoppers experienced limited rights to return merchandise...

16 Jan 2023

BusinessFeatured

Richemont posts H1 loss, while sales increase by 24 percent

In the first six months of the year, Richemont reported sales increase of 24 percent at actual exchange rates and 16 percent at constant exchange rates to 9.7 billion euros. Operating profit from continuing operations increased by 26 percent to 2.7 billion euros, delivering improved operating margin of 28.1 percent. The company recorded a 40...

11 Nov 2022

Business

Richemont chief people officer appointed to senior executive committee

Richemont has announced the appointment of its chief people officer Patricia Gandji to the group’s senior executive committee, effective November 11, 2022. Gandji, who also serves in the role of CEO of regions, will continue to report to the luxury conglomerate’s CEO Jérôme Lambert. In a release, the group said Gandji brings around 30 years of...

11 Nov 2022

PeopleFeatured

YNAP names Alison Loehnis as interim CEO

Italian luxury retailer Yoox Net-a-Porter (YNAP) has announced Alison Loehnis as its new interim CEO, effective October 31. Loehnis joined Net-a-Porter in 2007 as vice president of sales and marketing, before working her way up the ranks to become president in 2011, and finally to her current role as president of Net-a-Porter, Mr Porter and The...

11 Oct 2022

Business

Richemont shareholders vote against activist investor’s board candidate

Following its 2022 annual general meeting, luxury conglomerate Richemont has announced that its shareholders have voted in favour of the re-appointment of all board members who had stood for re-election this year. The move follows tension between the group and its activist investor Bluebell Capital Partners, which had put forward Francesco...

8 Sept 2022

BusinessFeatured

Richemont to sell YNAP stake to Farfetch and Alabbar

Luxury conglomerate Richemont has confirmed that it is selling its stake in online fashion retailer Yoox Net-A-Porter (YNAP) to Farfetch and Alabbar, while also announcing its brands and YNAP will be switching to Farfetch Platform Solutions as part of its Luxury New Retail vision. Richemont said in a statement that Farfetch will acquire a 47.5...

24 Aug 2022

Business

Richemont chairman disapproves of activist shareholder’s board proposal

Johann Rupert, the chairman of luxury conglomerate Richemont, has slammed an activist shareholder’s proposal to nominate former Bulgari CEO Francesco Trapani to its board. Fund manager Bluebell proposed that, alongside the board election, the company designated Trapani as representative of all holders of the company’s ‘A’ shares. In a letter to...

15 Aug 2022