Published: 2023-07-05
Company History
Richemont
Study the financial data for Richemont.
Founded in 1988, this luxury goods group is active in the jewelry, watches, writing instruments and clothing sectors through the acquisition of numerous companies. Its main shareholder is Compagnie Financière Rupert, the majority of whose shares are held by Johann Rupert. In 2017, Richemont is considered the third largest luxury goods company in the world after LVMH and Estée Lauder, and brings together under its umbrella exclusive brands such as A. Lange & Söhne, Baume & Mercier, Buccellati, Cartier, Chloé, Dunhill, IWC Schaffhausen, Montblanc, Roger Dubuis, Vacheron Constantin or Van Cleef & Arpels.
Founded | 1988 |
Founder | Johann Rupert |
Headquarters | Bellevue, Switzerland |
Key people |
Jerôme Lambert (Chief Executive Officer) Johann Rupert (Chairman of the Board) |
Products |
Watches & Jewellery Leather goods Stationery Clothing Accessories Weapons |
Areas |
Jewelry stores Specialized watchmakers Other companies |
Subsidiaries |
Jewellery Maisons Cartier, Van Cleef & Arpels and Buccellati Specialist Watchmakers A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis, Vacheron Constantin and the joint venture with Ralph Lauren Watch & Jewelry Co. Other Businesses Azzedine Alaïa, Chloé, Delvaux, Dunhill, Montblanc, Peter Millar and Purdey |
Website | richemont.com |
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1988: Foundation of Compagnie Financière Richemont SA
The son of a South African billionaire founds the luxury goods group Compagnie Financière Richemont SA, headquartered in Bellevue in the canton of Geneva. The company emerges from the South African Rembrandt Group Ltd (Remgro), founded by Anton Rupert in 1948. The latter is best known for its acquisitions of tobacco companies such as Rothmans and Dunhill, as well as investments in financial services, gold and diamond mining, and luxury goods. The creation of Compagnie Financière Richemont SA is the result of the spin-off of the European activities and the development of Intercontinental Mining and Resources S.A., founded in 1979, renamed IMR Group S.A. in 1987 and finally Richemont S.A. in 1988.
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1990: Foundation of the first school for professionals in the luxury industry
With the Institut Supérieur de Marketing du Luxe, the Ecole Supérieure de Luxe makes its first contribution to preparing professionals for the specificities of the luxury goods industry. In 1995, it merges with the Ecole des Cadres.
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1991: an exclusive watch salon is created in Geneva
Cartier joins forces with Baume & Mercier, Piaget, Gérald Genta and Daniel Roth to create the Salon International de la Haute Horlogerie (now Watches & Wonders), an exclusive watch fair in Geneva.
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1992: Dunhill buys the Karl Lagerfeld brand
The Dunhill subsidiary acquires the Karl Lagerfeld fashion brand from the French company Cora Revillon.
The Montblanc Cultural Foundation is dedicated to the worldwide promotion of art, young theatre and classical music. -
1993: Spin-off of the luxury goods business
Dunhill Holding, which is 57% owned by Rothmans and includes brands such as Dunhill, Montblanc, Chloe, Hackett London and Karl Lagerfeld, merges with Cartier under the name Groupe Vendome. As a result, Richemont holds 62% of Rothmans and 70% of Groupe Vendome.
The Institut Horlogerie Cartier aims to train both apprentices and experienced watchmakers in the exceptional art of watchmaking at the highest level. -
1994: Acquisition of the company Purdey
Vendome acquires Purdey, a British arms manufacturer with a long tradition.
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1996: Expansion of the portfolio
With the acquisition of Vachreon Constantin, Vendome acquires the oldest continuously existing watch manufacture and thus expands its portfolio.
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1997: Sale of the Karl Lagerfeld brand
The Karl Lagerfeld fashion brand is discontinued and the German designer regains the trademark rights. In the same year, Vendome acquires the Italian watchmaker Panerai and the French leather goods brand Lancel.
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1998: Acquisition of Groupe Vendome
Groupe Vendome is fully acquired by Richemont. The tobacco division of the Richemont Group is continued through the acquisition of the minority shares of Rothmans International and merged with the Rembrandt Group in South Africa. At the same time, Richemont acquires a majority stake in Shanghai Tang.
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1999: Merger of subsidiaries
That year, Richemont merges its two subsidiaries, Rothmans International and British American Tobacco, into a new company with a stake of approximately 23.3%. In the same year, Richemont exchanges its stake in Canal+ for a 2.9% stake in Vivendi and acquires a strategic interest in Van Cleef & Arpels.
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2000: Buyout of LMH
The Group acquires Les Manufactures Horlogères (LMH), the Schaffhausen-based holding company acquired by Mannesmann in 1994, which owns renowned brands such as Jaeger-Lecoultre, IWC and A. Lange & Söhne, for 11.8 billion euros. This is a milestone in the company's concentration on luxury goods, which goes hand in hand with the sale of its stake in Vivendi and the reduction of its stake in BAT. The company thus withdraws from all media holdings.
Together with Daimler, Richemont creates the global Laureus organization, whose charitable arm, Sport for Good, uses sport to change the lives of children and young people. -
2001: Increase in shares held by Van Cleef & Arpels
Richemont increases its stake in Van Cleef & Arpels to 80%.
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2002: Entry into online trading
Richemont enters luxury online retailing with a 30% stake in Net-a-Porter.com. Cartier creates the Institut Joaillerie this year to combine traditional know-how with modern techniques.
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2003: Creative Academy in Milan
The Creative Academy, a school for designers, product developers and communication specialists, opens in Milan.
The company acquires the remaining shares of Van Cleef & Arpels and A. Lange & Söhne. -
2004: Exhibition in Beijing
The company presents the first watch exhibition "Montres et Merveilles" in the exceptional setting of the Forbidden City.
The conversion of the BAT preference shares resulted in a further reduction of the effective shareholding to 18.6%. -
2005: Sale of the Hackett brand
The menswear chain Hackett is sold to the Spanish investment group Torreal, whose brands include Pepe Jeans London.
Through Cartier, Richemont becomes one of the 14 founding members of the Responsible Jewellery Council (RJC), which aims to promote sustainable and responsible mining of gold and diamonds. The Group is also one of the founding members of the Fondation de la Haute Horlogerie, which promotes fine watchmaking. -
2006: Further refinement of the portfolio
To further expand its luxury watch portfolio, Richemont acquires Fabrique d'Horlogerie Minerva, which specializes in the development and manufacture of high-quality mechanical movements, and enters into a partnership with Swiss watchmaker Greubel Forsey through the acquisition of a 20% stake. At the same time, the Group sold its stake in the French retail chain Old England.
The company moves its headquarters to Bellevue, in a building that combines modern architecture, landscape and a classic 19th century chalet, reflecting the company's commitment to combining tradition and innovation.
Richemont publishes its first Sustainability Report and the associated Sustainability and Environmental Policy. -
2007: Joint venture with Ralph Lauren Corporation
Richemont enters into a watch joint venture with Ralph Lauren Corporation. It also acquires the Parisian fashion house Alaïa, the watchcase manufacturer Donzé-Baume and the component production of Manufacture Roger Dubuis (renamed Manufacture Genevoise de Haute Horlogerie).
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2008: Spin-off of shares
Richemont's and Remgro's 30% shareholding in British American Tobacco is transferred to Reinet, a Luxembourg-based investment company that will focus exclusively on luxury goods. The holding in the Roger Dubuis Manufacture increases to 60%.
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2009: Climate-neutral for the first time
For the first time, business activities in the areas of buildings, travel and our own logistics are carbon neutral thanks to the purchase of emission certificates and our own efforts to reduce emissions.
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2010: Expansion of online activities
The company increases its stake in Net-a-porter.com, now the leading online retailer of luxury fashion, to more than 90%.
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2011: Expansion of the fashion division
With the acquisition of Peter Millar, Richemont expands its fashion portfolio. The company is characterized by its affinity for golf, its strength in the American market and its strong online presence.
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2012: Competence mediation in the watchmaking trade
This year, Richemont acquired Varin-Etampage & Varinor, a manufacturer of watch components and semi-finished products in precious metals for the watchmaking industry, in order to better control its own supply chain.
The newly opened campus of L'Ecole des Métiers et Artisans de Haute Horlogerie is dedicated to teaching watchmaking skills. In parallel, L'École des Arts Joailliers is created in Paris, with the support of Van Cleef & Arpels, to pass on the secrets of the jeweler's art. -
2013: Participation in the UN Global Compact
The company joins the United Nations Global Compact. The sustainability initiative commits to implementing concrete sustainability principles and supporting the goals of the United Nations.
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2014: Entry into the academic world
Richemont creates a chair and signs a framework research program with the Swiss Federal Institute of Technology in Lausanne (EPFL) to develop new technologies.
With the adoption of a three-year plan, the Group concretizes its commitment to greater sustainability within the company.
At the time, the Group is the world's second-largest luxury goods company after LVMH. -
2015: Merger of the online stores
The Net-a-Porter Group merges with the Yoox Group through an exchange of shares. Richemont initially holds 50% of the capital and 25% of the voting rights.
Through Cartier, Richemont joins companies such as Tiffany & Co, Swarovski, LVMH, Kering and Gemfields in the creation of the Colored Gemstones Working Group, which aims to promote socially responsible sourcing of semi-precious stones and reduce the negative environmental impact of supply chains.
TimeVallée, a visionary multi-brand retail concept for watches, is launched. -
2016: Planned job cuts in Switzerland
Due to difficulties in the watch market, the company plans to cut to 350 jobs in Switzerland.
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2017: Expansion with Milanese sophistication
With the acquisition of Serapian, Richemont acquires the former leather supplier of Cartier and Dunhill. The traditional company stands for excellent craftsmanship and Milanese refinement.
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2018: Acquisition of the Yoox Net-a-Porter Group
Richemont acquires 100% of the online retailer Yoox Net-a-Porter Group and also acquires Watchfinder during the year to grow in this previously largely unstructured market. The sale of Lancel to the Italian leather goods company Piquadro Group is completed during the year.
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2019: Joint venture with Alibaba Group
The company announces a joint venture with fashion designer Alber Elbaz, former creative director of French heritage house Lanvin, under the name AZFashion. The exclusive jewelry portfolio is further expanded with the acquisition of Buccellati. The previous owner is the Chinese conglomerate Gangtai Group Corporation Limited.
Net-a-Porter opens a flagship store at the Chinese luxury online retailer. This marks the launch of the Fengmao joint venture between Yoox Net-a-Porter Group and Alibaba Group.
In the 2018/19 fiscal year, the company generates a turnover of 14 billion euros and a net profit of 2.79 billion euros. With around 35,640 employees - about a quarter of them in Switzerland - the company is one of the world's leading luxury goods groups. With 9.1% of the shares, Compagnie Financière Rupert holds 50% of the voting rights. A further 10.9% of the shares are held by Richemont Sec. and 80.0% are in free float. The share is included in the Swiss Market Index of the 20 largest and most liquid stocks on the Swiss stock exchange.
The commitment to sustainability is expressed in a transformative CSR strategy, underpinned by Richemont's Movement for Better Luxury. -
2020: Impact of the Covid 19 pandemic
As part of the Covid 19 pandemic, the company came up with something special by broadcasting a digital watch show at the Tmall Luxury Pavilion. The four-hour livestream reaches 160,000 viewers and 360 million total views. At the same time, Cartier, Chloé, IWC, Jaeger-LeCoultre, Montblanc, Panerai, Piaget and Vacheron Constantin open flagship stores in China at the Tmall Luxury Pavilion.
The three industry giants - Artemis, the investment company controlled by the Pinault family, China's Alibaba Group and Richemont - invest a total of $1.15 billion in the Farfetch platform, adding 757 million Alibaba customers to the Chinese market.
In the first three quarters of the year, however, sales were down 16% year-on-year to €9.66 billion due to the pandemic, with revenues plummeting 26%. -
2021: Creation of a luxury start-up
This year, Richemont acquires Delvaux, the world's oldest luxury leather goods house, underscoring its claim to be at the forefront of the industry. Spectacular is the result of the collaboration with Alber Elbaz, which leads to a joint venture. The digital luxury start-up is based on love, trust and respect, as well as inclusivity and sustainability, and focuses on functional and beautiful fashion.
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2022: Groundbreaking cooperation
Richemont, Farfetch and Alabarr sign a partnership to drive the digitalization of the luxury industry. YNAP will become a neutral platform. However, it is still subject to regulatory approval, which is expected in 2023.
In Hamburg, the Mont Blanc House opens its doors to the public. Not only the architectural concept is impressive. visitors: Visitors also learn about the company's history, craftsmanship and manuscripts from around the world.
Rolex, Richemont and Patek Philippe create the Watches and Wonders Geneva Foundation to promote the art of watchmaking. -
2023: Enquirus as theft protection
With Enquirus, the company launches a platform to combat the theft of watches and jewelry. The portal is open to all luxury brands. Not only watch and jewelry manufacturers, but also law enforcement agencies, insurance companies, the secondhand market and customers are involved in the development.
Subsidiary of Richemont SA
Jewelers |
Buccellati (2019) Cartier Van Cleef & Arpels (1999-2003) |
Watch manufacturer |
A. Lange & Söhne (2000-2003) Baume & Mercier (acquired via Cartier in 1988) Donzé-Baume (2007) IWC (2000) Jaeger-LeCoultre (2000) Minerva (2006) Officine Panerai (1997) Piaget (acquired via Cartier in 1988) Roger Dubuis (60% acquired in 2008) Vacheron Constantin (acquired by Groupe Vendôme in 1996) |
Online retailer |
Yoox-Net-A-Porter (from 2002 to 2010 acquisition of shares in Net-A-Porter - 2015 merger of Net-A-Porter with Yoox - 2018 buyout of Yoox-Net-A-Porter for 95% of the shares) Watchfinder & Co. (2018) |
Fashion & Accessories |
Alaïa (2007) Chloé (acquired via Dunhill in 1998) Dunhill (1998) James Purdey & Sons (1994) Montblanc (acquired via Dunhill in 1998) Peter Millar (2012) Serapian (2017) |
former brands |
Hackett London (acquired by Dunhill in 1992, sold by Richemont to Torreal in 2005) Karl Lagerfeld (acquired by Dunhill in 1992, closed down in 1997 and rights transferred to Lagerfeld) Lancel (acquired in 1997, sold to Piquadro in 2018). Shanghai Tang (acquired 1998-2008, sold 2017) Sulka (acquired in 1989, shut down in 2001) |