Richemont news and archive

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...

People

Richemont launches beauty division, appoints new CEO

Richemont has launched a new beauty division, Laboratoire de Haute Parfumerie et Beauté, and appointed a CEO to head its new category. In an announcement made on Wednesday, Richemont said it hired Boet Brinkgreve as the newly created role of CEO of Laboratoire de Haute Parfumerie. Mr Brinkgreve, a Dutch national, commenced the role on September...

Business

Richemont acquires controlling stake in Italian shoemaker Gianvito Rossi

Luxury group Richemont has announced the acquisition of a controlling stake in Italian shoemaker Gianvito Rossi for an undisclosed sum. The founder, CEO and creative director of the eponymous brand will retain a stake in the company and has been tasked with continuing to develop the house alongside Richemont. In a release, Philippe Fortunato,...

Business

Is Richemont eyeing luxury shoe brand Gianvito Rossi?

According to various Italian news outlets, Swiss luxury group Richemont has made a 100 million euro offer for Gianvito Rossi, an Italian luxury shoe brand. Richemont has reportedly outbid Diesel parent OTB, which has also expressed interest in making new acquisitions. Richemont, known for its strong hard accessory brands like Cartier and Van...

BusinessFeatured

Richemont Q1 sales up 14 percent as Asia offsets 'muted' America performance

Swiss luxury giant Richemont has reported a 14 percent increase in revenue in the first quarter as its Asia market continued to recover post-pandemic and offset a drop in sales in the Americas. Sales were up 19 percent at constant exchange rates. The group, whose portfolio includes Chloé and Cartier, reported growth across all business areas,...

People

Gabriela Hearst to exit Chloé

Gabriela Hearst is reportedly set to present her final collection for Chloé during the Spring/Summer 2024 season at Paris Fashion Week. The Uruguay-born, New York-based designer, is set to exit the French fashion house, according to WWD. While an official statement is yet to be released by both Hearst and Chloé's parent company, Richemont, it is...

BusinessFeatured

Richemont records strong sales growth

For the year ended March 31, 2023, Richemont reported sales from continuing operations increased by 19 percent at actual exchange rates and 14 percent at constant exchange rates to 19, 953 million euros. Compared to the prior year, gross profit increased by 23 percent to 13, 716 million euros and the corresponding gross margin rose to 68.7...

PeopleFeatured

Dunhill names Simon Holloway as creative director

Luxury British menswear and accessories brand Dunhill has named Simon Holloway as its new creative director, effective immediately. Holloway joins from fellow Richemont Maison James Purdey & Sons, where he has served as creative director overseeing the brand's growing clothing and accessories collections since January 2022. Before that, he...

Business

Richemont launches digital platform to deter global watch and jewellery theft

Luxury brand holder Richemont announced the launch of a new digital platform called Enquirus that will help to reduce watch and jewellery related crime. This solution brings together stakeholders from multiple levels, and facilitates cooperation beyond borders between security forces and insurance associates, while enabling free access for...

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...

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...